Ernst & Young, the Big Four auditor, is to appoint non- executive directors to its global advisory board for the first time as accountancy firms come under mounting regulatory pressure over governance.
The decision by E&Y, at the centre of regulatory scrutiny over its audit of Lehman Brothers, which collapsed in 2008, comes in response to an audit code that was issued this year.
The code demanded that accounting firms appoint non-executive directors in the UK to help reduce the risk of an Arthur Andersen-style collapse. Andersen collapsed in 2002 after it was implicated in the Enron fraud.
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