Bloomberg the Company & Products

Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us

E&Y Baltic Stands by Audit on Now Defunct Snoras, BNS Says

Oct. 4 (Bloomberg) -- Ernst & Young Baltic UAB appealed a ruling by Lithuanian authorities that auditing controls were inadequate when it reviewed the financial reports of Bankas Snoras AB, Baltic News Service reported.

A Vilnius court has agreed to hear the appeal of the June 20 decision by the Authority of Audit and Accounting, the newswire said. Separately, Lithuanian prosecutors this week said they would investigate whether Ernst & Young Baltic properly conducted the audit of Snoras’s 2010 financial statements, according to BNS.

Ernst & Young Baltic stands by its audit opinion given on Mar. 10, 2011, and will continue to use all resources to defend its work on the audit, according to BNS. The bank’s auditor, Ramunas Bartasius, whose auditor’s license was canceled by Lithuanian authorities in June, no longer works for Ernst & Young Baltic, BNS said.

Lithuania’s central bank took over Snoras, then the country’s third-biggest bank by deposits, in November 2011 after discovering assets reported on the lender’s balance sheet were missing. The bank was declared bankrupt.

To contact the reporter on this story: Aaron Eglitis in Riga at aeglitis@bloomberg.net

To contact the editor responsible for this story: Balazs Penz at bpenz@bloomberg.net

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.