a train wreck

We need a break but we can't stop looking.

US firm banned in conflict row

Accountancy firm Ernst & Young, No. 2 in Australia, was scrambling yesterday to assess the impact of another conflict-of-interest scandal involving its US parent.

Ernst & Young in the US was barred from accepting new corporate clients for six months for failing to maintain its independence from a company whose books it audited.

It was the first time the Securities and Exchange Commission (SEC) had sought the suspension of a major accounting firm since 1975. Judge Brenda Murray also fined the firm $US1.7 million ($2.3 million), saying it "has an utter disdain" for SEC regulations.

Meanwhile, just a few weeks ago....

Ernst & Young wins Iraq contract

Big Four firm Ernst & Young has won a contract with Iraq's ruling Coalition Provisional Authority to help trace the country's loan contracts and reconcile who is owed money from its estimated $120bn (£66bn) debts.

We forgot conflict of interests from our list yesterday.