Regulator levels allegations vs Ernst & Young on Sino-Forest

Mon Dec 3, 2012 11:32am EST
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TORONTO Dec 3 (Reuters) - Canada's top securities regulator said on Monday it believes top accounting firm Ernst & Young LLP breached the Ontario Securities Act in its audits of troubled forestry company Sino-Forest Corp.

The Ontario Securities Commission released formal allegations on Monday, alleging that Ernst & Young "breached the Ontario Securities Act by failing to conduct their audits in accordance with relevant industry standards."