It provides assurance (including financial audit), tax, consulting and advisory services to companies.
Also in 1979, the European offices of Arthur Young merged with several large local European firms, which became member firms of Arthur Young International.
This was important because shareholders have less confidence in mainland auditors and because audit papers on the mainland are subject to state secrecy laws and can be withheld from outside regulators.
In a separate lawsuit, a former EY senior partner from 1984 to 1991, Cristopher Ho, and his listed company, Grande Holdings, paid over US0m to Akai creditors to settle Akai's liquidators' claim that Ho conspired with Ting of stripping assets from Akai.
charged that Lehman Brothers engaged in a practice known as repo 105 and that EY, Lehman's auditor, was aware of it.
An official from Japan's Financial Services Agency (FSA) described that "[t]here was a grave breach of duty".
The firm's CEO and chairman, Koichi Hanabusa stepped down the following month to take responsibility and monthly salaries for 19 employees were cut from 20 per cent to 50 per cent.
As a result, the firm was barred by the SEC from accepting any new publicly traded companies as audit clients for six months.