115-722: The Swiss Financial Market Supervisory Authority ( FINMA ; German : eidgenössische Finanzmarktaufsicht , French : Autorité fédérale de surveillance des marchés financiers , Italian : Autorità federale di vigilanza sui mercati finanziari ) is the Swiss government body responsible for financial regulation . This includes the supervision of banks, insurance companies, stock exchanges and securities dealers, as well as other financial intermediaries in Switzerland . FINMA's name and acronym are usually expressed in English so as to avoid
230-465: A de facto official language of Namibia after the end of German colonial rule alongside English and Afrikaans , and had de jure co-official status from 1984 until its independence from South Africa in 1990. However, the Namibian government perceived Afrikaans and German as symbols of apartheid and colonialism, and decided English would be the sole official language upon independence, stating that it
345-402: A second language , and 75–100 million as a foreign language . This would imply the existence of approximately 175–220 million German speakers worldwide. German sociolinguist Ulrich Ammon estimated a number of 289 million German foreign language speakers without clarifying the criteria by which he classified a speaker. As of 2012 , about 90 million people, or 16% of
460-543: A "FinTech banking license". As of May 2023, five companies have been granted fintech banking licenses: Klarpay AG, Relio AG, SR Saphirstein AG, SWISS4.0 SA, and Yapeal AG. On 19 February 2009, the US government filed suit against UBS to reveal the names of all 52,000 U.S. customers, alleging that the bank and these customers conspired to defraud the US tax authority IRS of legitimately owed tax revenue. However revealing customer names
575-612: A "commonly used" language and the Pan South African Language Board is obligated to promote and ensure respect for it. Cameroon was also a colony of the German Empire from the same period (1884 to 1916). However, German was replaced by French and English, the languages of the two successor colonial powers, after its loss in World War I . Nevertheless, since the 21st century, German has become
690-749: A German fintech payment processing company. This resulted in a lawsuit filed against EY in June 2020. An investigation by the Bundestag revealed in April 2021 that EY's audits of defunct payments group Wirecard suffered from serious shortcomings over a period of years. EY also failed to identify $ 300 million in "fabricated sales" in their 2020 audit of the coffee chain Luckin Coffee and $ 5 billion in "undisclosed debt" at NMC Health and Finablr . In August 2021, EY US agreed to pay US$ 10 million as part of
805-502: A court. It can also ensure compliance, issue warnings, cancel licenses and liquidate companies. FINMA takes a risk-based approach to its supervision of financial institutions, working to identify threats that could affect individual institutions or the entire financial system. FINMA is particularly vigilant about money laundering and the financing of terrorism and closely monitors the Swiss financial markets for AML/CFT compliance. The FINMA
920-518: A different public company became romantically involved with its chief accounting officer. In October 2016, EY settled with the SEC because they were unable to detect financial statement fraud that was committed by the Weatherford tax department. Weatherford misstated their financial statements by manipulating the income tax line item in their financials. EY was Weatherford's independent auditors when
1035-406: A formal disciplinary process" and that "there has been no adverse finding made against EY in respect of the audit of Anglo Irish Bank." In 2009, EY agreed to pay US$ 200m out of court to settle a negligence claim by the liquidators of Akai Holdings. Separately the firm was accused of falsifying and doctoring documents it presented to defend against the negligence claim by Akai's liquidators. In
1150-537: A full-time employee. The initiative applied to employees in Hong Kong , Macau and mainland China , where the firm's employees numbered 8,500 in total. In 2010, Ernst & Young acquired Terco, the Brazilian member firm of Grant Thornton . In 2013, the firm officially changed its brand from Ernst & Young to EY , and christened the accompanying tagline: "Building a better working world". Also in 2013,
1265-559: A greater need for regularity in written conventions. While the major changes of the MHG period were socio-cultural, High German was still undergoing significant linguistic changes in syntax, phonetics, and morphology as well (e.g. diphthongization of certain vowel sounds: hus (OHG & MHG "house") → haus (regionally in later MHG)→ Haus (NHG), and weakening of unstressed short vowels to schwa [ə]: taga (OHG "days")→ tage (MHG)). A great wealth of texts survives from
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#17327809854491380-868: A more comprehensive scope of services. This is mainly attributed to an intensified competition in the existing market of professional services, and competition in new markets: investment banking and strategic consultancy. According to the latest published data, the company has the following four main service lines: EY has been involved in many accounting scandals : Bank of Credit and Commerce International (1991), Informix Corporation (1996), Sybase (1997), Cendant (1998), One.Tel (2001), AOL (2002), HealthSouth Corporation (2003), Chiquita Brands International (2004), Lehman Brothers (2010), Sino-Forest Corporation (2011), Olympus Corporation (2011), Stagecoach Group (2017), Wirecard (2020), Luckin Coffee (2020) and NMC Health (2020). In 2004, Ernst & Young
1495-693: A national prudential supervisor. For decades, however, the EBK-CFB staff was kept in the single digits on a very small budget. It was still only 10 in 1975, and grew to 35 in the late 1980s. FINMA was founded on the 22 June 2007 with the passing of the Federal Act on the Swiss Financial Market Supervisory Authority (FINMASA). This merged the EBK-CFB with the Federal Office of Private Insurance (FOPI) and
1610-458: A native tongue today, mostly descendants of German colonial settlers . The period of German colonialism in Namibia also led to the evolution of a Standard German-based pidgin language called " Namibian Black German ", which became a second language for parts of the indigenous population. Although it is nearly extinct today, some older Namibians still have some knowledge of it. German remained
1725-696: A popular foreign language among pupils and students, with 300,000 people learning or speaking German in Cameroon in 2010 and over 230,000 in 2020. Today Cameroon is one of the African countries outside Namibia with the highest number of people learning German. In the United States, German is the fifth most spoken language in terms of native and second language speakers after English, Spanish , French , and Chinese (with figures for Cantonese and Mandarin combined), with over 1 million total speakers. In
1840-483: A result, the surviving texts are written in highly disparate regional dialects and exhibit significant Latin influence, particularly in vocabulary. At this point monasteries, where most written works were produced, were dominated by Latin, and German saw only occasional use in official and ecclesiastical writing. While there is no complete agreement over the dates of the Middle High German (MHG) period, it
1955-564: A separate lawsuit, a former EY senior partner from 1984 to 1991, Cristopher Ho, and his listed company, Grande Holdings, paid over US$ 100m to Akai creditors to settle Akai's liquidators' claim that Ho conspired with Ting of stripping assets from Akai. Police raided the Hong Kong office and arrested an EY partner who had been an audit manager on the Akai account from December 1997, although audit documents had been doctored dating back to 1994. Akai
2070-399: A settlement with the SEC related to charges of auditor independence misconduct perpetrated by several of its partners to secure Sealed Air as a client. In August 2021, UK accounting regulatory Financial Reporting Council (FRC) fined EY UK £3.5 million (US$ 4.8 million) for failing to challenge financial statements in its 2017 audit of UK transport company, Stagecoach Group . In addition,
2185-717: Is a West Germanic language in the Indo-European language family , mainly spoken in Western and Central Europe . It is the most spoken native language within the European Union . It is the most widely spoken and official (or co-official) language in Germany , Austria , Switzerland , Liechtenstein , and the Italian autonomous province of South Tyrol . It is also an official language of Luxembourg , Belgium and
2300-601: Is a recognized minority language in the following countries: In France, the High German varieties of Alsatian and Moselle Franconian are identified as " regional languages ", but the European Charter for Regional or Minority Languages of 1998 has not yet been ratified by the government. Namibia also was a colony of the German Empire, from 1884 to 1915. About 30,000 people still speak German as
2415-612: Is also notable for its broad spectrum of dialects , with many varieties existing in Europe and other parts of the world. Some of these non-standard varieties have become recognized and protected by regional or national governments. Since 2004, heads of state of the German-speaking countries have met every year, and the Council for German Orthography has been the main international body regulating German orthography . German
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#17327809854492530-558: Is an Indo-European language that belongs to the West Germanic group of the Germanic languages . The Germanic languages are traditionally subdivided into three branches: North Germanic , East Germanic , and West Germanic . The first of these branches survives in modern Danish , Swedish , Norwegian , Faroese , and Icelandic , all of which are descended from Old Norse . The East Germanic languages are now extinct, and Gothic
2645-478: Is called the "German Sprachraum ". German is the official language of the following countries: German is a co-official language of the following countries: Although expulsions and (forced) assimilation after the two World wars greatly diminished them, minority communities of mostly bilingual German native speakers exist in areas both adjacent to and detached from the Sprachraum. Within Europe, German
2760-430: Is complicated by the existence of several varieties whose status as separate "languages" or "dialects" is disputed for political and linguistic reasons, including quantitatively strong varieties like certain forms of Alemannic and Low German . With the inclusion or exclusion of certain varieties, it is estimated that approximately 90–95 million people speak German as a first language , 10–25 million speak it as
2875-535: Is generally seen as ending when the 1346–53 Black Death decimated Europe's population. Modern High German begins with the Early New High German (ENHG) period, which Wilhelm Scherer dates 1350–1650, terminating with the end of the Thirty Years' War . This period saw the further displacement of Latin by German as the primary language of courtly proceedings and, increasingly, of literature in
2990-611: Is generally seen as lasting from 1050 to 1350. This was a period of significant expansion of the geographical territory occupied by Germanic tribes, and consequently of the number of German speakers. Whereas during the Old High German period the Germanic tribes extended only as far east as the Elbe and Saale rivers, the MHG period saw a number of these tribes expanding beyond this eastern boundary into Slavic territory (known as
3105-565: Is less closely related to languages based on Low Franconian dialects (e.g., Dutch and Afrikaans), Low German or Low Saxon dialects (spoken in northern Germany and southern Denmark ), neither of which underwent the High German consonant shift. As has been noted, the former of these dialect types is Istvaeonic and the latter Ingvaeonic, whereas the High German dialects are all Irminonic; the differences between these languages and standard German are therefore considerable. Also related to German are
3220-421: Is made up of a board of directors, an executive board and an extended executive board. The Board of Directors is a strategic management body and has seven to nine independent expert members appointed via parliament. It decides on matters of substantial importance, issues ordinances and circulars, and is responsible for FINMA’s budget. It also ensures internal controls by means of an internal audit unit and oversees
3335-551: Is one of the Big Four accounting firms . It primarily provides assurance , tax , information technology services (including managed services in areas like Cybersecurity , Cloud , Digital Transformation and AI ), consulting , and advisory services to its clients. EY operates as a network of member firms which are structured as separate legal entities in a partnership, which has 395,442 employees in over 700 offices in more than 150 countries. The firm's current partnership
3450-435: Is one of the major languages of the world . German is the second-most widely spoken Germanic language , after English, both as a first and as a second language . German is also widely taught as a foreign language , especially in continental Europe (where it is the third most taught foreign language after English and French), and in the United States. Overall, German is the fourth most commonly learned second language, and
3565-575: Is one of the most selective strategy consultancies worldwide. In 2015, EY opened its first global Security Operations Centre in Thiruvananthapuram , Kerala in India, and coincidentally invested $ 20 million over 5 years to combat the increasing threat of cybercrimes. In 2017 EY announced it was opening an executive support center in Tucson, Arizona, US, creating 125 new jobs. That same year,
Swiss Financial Market Supervisory Authority - Misplaced Pages Continue
3680-597: Is one of the three biggest newspapers in Namibia and the only German-language daily in Africa. An estimated 12,000 people speak German or a German variety as a first language in South Africa, mostly originating from different waves of immigration during the 19th and 20th centuries. One of the largest communities consists of the speakers of "Nataler Deutsch", a variety of Low German concentrated in and around Wartburg . The South African constitution identifies German as
3795-401: Is partly derived from Latin and Greek , along with fewer words borrowed from French and Modern English . English, however, is the main source of more recent loanwords . German is a pluricentric language ; the three standardized variants are German , Austrian , and Swiss Standard German . Standard German is sometimes called High German , which refers to its regional origin. German
3910-525: Is the Sachsenspiegel , the first book of laws written in Middle Low German ( c. 1220 ). The abundance and especially the secular character of the literature of the MHG period demonstrate the beginnings of a standardized written form of German, as well as the desire of poets and authors to be understood by individuals on supra-dialectal terms. The Middle High German period
4025-578: Is the only language in this branch which survives in written texts. The West Germanic languages, however, have undergone extensive dialectal subdivision and are now represented in modern languages such as English, German, Dutch , Yiddish , Afrikaans , and others. Within the West Germanic language dialect continuum, the Benrath and Uerdingen lines (running through Düsseldorf - Benrath and Krefeld - Uerdingen , respectively) serve to distinguish
4140-485: Is understood in all areas where German is spoken. Approximate distribution of native German speakers (assuming a rounded total of 95 million) worldwide: As a result of the German diaspora , as well as the popularity of German taught as a foreign language , the geographical distribution of German speakers (or "Germanophones") spans all inhabited continents. However, an exact, global number of native German speakers
4255-689: The Ostsiedlung ). With the increasing wealth and geographic spread of the Germanic groups came greater use of German in the courts of nobles as the standard language of official proceedings and literature. A clear example of this is the mittelhochdeutsche Dichtersprache employed in the Hohenstaufen court in Swabia as a standardized supra-dialectal written language. While these efforts were still regionally bound, German began to be used in place of Latin for certain official purposes, leading to
4370-457: The 100 Best Companies to Work For over 25 years, longer than any other accounting firm. The firm has, however, repeatedly come under scrutiny for systemic issues in their training, hiring, and work culture. EY resulted from several mergers of ancestor firms over the last century and a half, the oldest of which was founded in 1849, in England, as Harding & Pullein. That same year, this firm
4485-639: The Alamanni , Bavarian, and Thuringian groups, all belonging to the Elbe Germanic group ( Irminones ), which had settled in what is now southern-central Germany and Austria between the second and sixth centuries, during the great migration. In general, the surviving texts of Old High German (OHG) show a wide range of dialectal diversity with very little written uniformity. The early written tradition of OHG survived mostly through monasteries and scriptoria as local translations of Latin originals; as
4600-575: The Anti Money Laundering Control Authority into one agency responsible for all financial regulation in Switzerland. Switzerland is home to UBS , one of the world's major banks, and given its significance to the Swiss economy, FINMA has a dedicated regulatory team overseeing its operations. All Swiss banks must receive a banking license from FINMA. Since 2019, certain fintech companies can also apply for
4715-537: The Early Middle Ages . German is an inflected language , with four cases for nouns, pronouns, and adjectives (nominative, accusative, genitive, dative); three genders (masculine, feminine, neuter) and two numbers (singular, plural). It has strong and weak verbs . The majority of its vocabulary derives from the ancient Germanic branch of the Indo-European language family, while a smaller share
Swiss Financial Market Supervisory Authority - Misplaced Pages Continue
4830-661: The Enron scandal , although it did not engage with any new Arthur Andersen clients from the United Kingdom, China, or the Netherlands. Four years later, Ernst & Young became the only member of the Big Four to have two member firms in the United States, with the inclusion of Mitchell & Titus , LLP in 2006, the largest minority-owned accounting firm in the United States. Mitchell & Titus ended its membership in
4945-417: The European Union 's population, spoke German as their mother tongue, making it the second most widely spoken language on the continent after Russian and the second biggest language in terms of overall speakers (after English), as well as the most spoken native language. The area in central Europe where the majority of the population speaks German as a first language and has German as a (co-)official language
5060-613: The Federal Administrative Court of Switzerland ordered FINMA to stop the transmission to the U.S. tax authorities. As a state regulatory body, the FINMA is endowed with supreme authority over banks, insurance companies, stock exchanges, securities dealers and collective investment schemes. It is responsible for combating money laundering and, if necessary, conducts financial restructuring and bankruptcy proceedings. In addition, it has supervisory powers with respect to
5175-522: The German states . While these states were still part of the Holy Roman Empire , and far from any form of unification, the desire for a cohesive written language that would be understandable across the many German-speaking principalities and kingdoms was stronger than ever. As a spoken language German remained highly fractured throughout this period, with a vast number of often mutually incomprehensible regional dialects being spoken throughout
5290-746: The Holy Roman Emperor Maximilian I , and the other being Meißner Deutsch , used in the Electorate of Saxony in the Duchy of Saxe-Wittenberg . Alongside these courtly written standards, the invention of the printing press led to the development of a number of printers' languages ( Druckersprachen ) aimed at making printed material readable and understandable across as many diverse dialects of German as possible. The greater ease of production and increased availability of written texts brought about increased standardisation in
5405-666: The Old High German language in several Elder Futhark inscriptions from as early as the sixth century AD (such as the Pforzen buckle ), the Old High German period is generally seen as beginning with the Abrogans (written c. 765–775 ), a Latin-German glossary supplying over 3,000 Old High German words with their Latin equivalents. After the Abrogans , the first coherent works written in Old High German appear in
5520-776: The Pope of the Roman Catholic Church hired EY to help review Vatican City State's finances and help "verify and consult" the institution's administration, including the museums, post office and tax-free department store. EY expanded further and acquired all of KPMG Denmark's operations including its 150 partners, 1,500 employees and 21 offices. In 2014, EY acquired global strategy consulting firm The Parthenon Group , gaining 350 consultants in its then-Transaction Advisory Services practice so that it could provide in-house strategy consulting services to its clients. The business unit has since been rebranded as EY-Parthenon and
5635-676: The Sprachraum in Europe. German is used in a wide variety of spheres throughout the country, especially in business, tourism, and public signage, as well as in education, churches (most notably the German-speaking Evangelical Lutheran Church in Namibia (GELK) ), other cultural spheres such as music, and media (such as German language radio programs by the Namibian Broadcasting Corporation ). The Allgemeine Zeitung
5750-550: The Standard German language in its written form, and the Duden Handbook was declared its standard definition. Punctuation and compound spelling (joined or isolated compounds) were not standardized in the process. The Deutsche Bühnensprache ( lit. ' German stage language ' ) by Theodor Siebs had established conventions for German pronunciation in theatres , three years earlier; however, this
5865-532: The Sydney -headquartered data and analytics specialists, Bridge Business Consulting. The Wall Street Journal reported in May 2022 that the firm might split its accounting and advisory divisions into two new, separate businesses. The plan, referred to internally as "Project Everest" would involve the consulting business completing an initial public offering , the proceeds of which would be used to compensate partners at
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#17327809854495980-513: The Upper German dialects spoken in the southern German-speaking countries , such as Swiss German ( Alemannic dialects ) and the various Germanic dialects spoken in the French region of Grand Est , such as Alsatian (mainly Alemannic, but also Central–and Upper Franconian dialects) and Lorraine Franconian (Central Franconian). After these High German dialects, standard German
6095-469: The pagan Germanic tradition. Of particular interest to scholars, however, has been the Hildebrandslied , a secular epic poem telling the tale of an estranged father and son unknowingly meeting each other in battle. Linguistically, this text is highly interesting due to the mixed use of Old Saxon and Old High German dialects in its composition. The written works of this period stem mainly from
6210-476: The "firm’s operations were deeply improper". ShinNihon, at the time, was Japan's biggest accounting firm, with about 3,500 certified accountants and more than 4,000 clients. Ernst & Young ShinNihon audited about 960 listed companies in Japan, the most among the Big Four , as reported in 2015. Ernst & Young ShinNihon had audited Toshiba for over 60 years and the firm had around 70 staff serving Toshiba before
6325-402: The 1980s and 1990s. During this time, the U.S. Securities and Exchange Commission , and various members of the investment community, began to raise concerns about a potential conflict of interests. This conflict would be brought about by firms offering both consulting and auditing services simultaneously to overlapping clients, a common practice among the "Big Five". In May 2000, Ernst & Young
6440-498: The EY network effective October 30, 2015. In April 2009, Reuters reported that Ernst & Young, spurred by the global economic downturn, had launched a cost-saving initiative encouraging its staff in China to take 40 days of low-pay leave between the summer of 2009 and the summer of 2010. Those who participated got a prorated salary equal to 20% of a regular salary, plus the benefits of
6555-614: The Empire. Its use indicated that the speaker was a merchant or someone from an urban area, regardless of nationality. Prague (German: Prag ) and Budapest ( Buda , German: Ofen ), to name two examples, were gradually Germanized in the years after their incorporation into the Habsburg domain; others, like Pressburg ( Pozsony , now Bratislava), were originally settled during the Habsburg period and were primarily German at that time. Prague, Budapest, Bratislava, and cities like Zagreb (German: Agram ) or Ljubljana (German: Laibach ), contained significant German minorities. In
6670-447: The Executive Board. The Board of Directors appoints the CEO and elects the members of the Executive Board based on the CEO's proposals. The Executive Board is FINMA's operational management body and is responsible for ensuring that banks, insurance companies, stock exchanges, securities dealers and other financial intermediaries are supervised in accordance with the law and respective strategy. The Executive Board decides on matters such as
6785-414: The Frisian languages— North Frisian (spoken in Nordfriesland ), Saterland Frisian (spoken in Saterland ), and West Frisian (spoken in Friesland )—as well as the Anglic languages of English and Scots. These Anglo-Frisian dialects did not take part in the High German consonant shift, and the Anglic languages also adopted much vocabulary from both Old Norse and the Norman language . The history of
6900-538: The German Abschlussprüferaufsichtstelle (APAS) (the federal watchdog, responsible for the oversight on auditors) assessed, that EY has committed violations of duty on its Wirecard mandate and prohibited the company for two years to accept new audit mandates for companies at the German stock exchange. In June 2022, the SEC fined the firm US$ 100 million "for cheating by its audit professionals on exams required to obtain and maintain Certified Public Accountant (CPA) licenses, and for withholding evidence of this misconduct from
7015-417: The German language begins with the High German consonant shift during the Migration Period , which separated Old High German dialects from Old Saxon . This sound shift involved a drastic change in the pronunciation of both voiced and voiceless stop consonants ( b , d , g , and p , t , k , respectively). The primary effects of the shift were the following below. While there is written evidence of
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#17327809854497130-399: The German states; the invention of the printing press c. 1440 and the publication of Luther's vernacular translation of the Bible in 1534, however, had an immense effect on standardizing German as a supra-dialectal written language. The ENHG period saw the rise of several important cross-regional forms of chancery German, one being gemeine tiutsch , used in the court of
7245-623: The Germanic dialects that were affected by the High German consonant shift (south of Benrath) from those that were not (north of Uerdingen). The various regional dialects spoken south of these lines are grouped as High German dialects, while those spoken to the north comprise the Low German and Low Franconian dialects. As members of the West Germanic language family, High German, Low German, and Low Franconian have been proposed to be further distinguished historically as Irminonic , Ingvaeonic , and Istvaeonic , respectively. This classification indicates their historical descent from dialects spoken by
7360-547: The Irminones (also known as the Elbe group), Ingvaeones (or North Sea Germanic group), and Istvaeones (or Weser–Rhine group). Standard German is based on a combination of Thuringian - Upper Saxon and Upper Franconian dialects, which are Central German and Upper German dialects belonging to the High German dialect group. German is therefore closely related to the other languages based on High German dialects, such as Luxembourgish (based on Central Franconian dialects ) and Yiddish . Also closely related to Standard German are
7475-644: The Italian autonomous region of Friuli-Venezia Giulia , as well as a recognized national language in Namibia . There are also notable German-speaking communities in France ( Alsace ), the Czech Republic ( North Bohemia ), Poland ( Upper Silesia ), Slovakia ( Košice Region , Spiš , and Hauerland ), Denmark ( North Schleswig ), Romania and Hungary ( Sopron ). Overseas, sizeable communities of German-speakers are found in Brazil ( Blumenau and Pomerode ), South Africa ( Kroondal ), Namibia , among others, some communities have decidedly Austrian German or Swiss German characters (e.g. Pozuzo , Peru). German
7590-408: The MHG period. Significantly, these texts include a number of impressive secular works, such as the Nibelungenlied , an epic poem telling the story of the dragon -slayer Siegfried ( c. thirteenth century ), and the Iwein , an Arthurian verse poem by Hartmann von Aue ( c. 1203 ), lyric poems , and courtly romances such as Parzival and Tristan . Also noteworthy
7705-407: The Moulin accounts as a "morass of dodginess ". The Valukas Report issued in 2010 charged that Lehman Brothers engaged in a practice known as repo 105 and that EY, Lehman's auditor, was aware of it. EY was accused of professional malpractice regarding the lack of disclosure of Lehman's repo 105 practice in Lehman's public filings. New York prosecutors announced in 2010 that they have sued
7820-404: The SEC's Enforcement Division during the Division's investigation of the matter". EY admitted "the facts underlying the SEC’s charges" and the penalty is a record imposed on a US audit firm. The Canadian Public Accountability Board has announced that it will investigate whether EY's Canadian arm was involved in similar practices. In 2009, in the Anglo Irish Bank hidden loans controversy , EY
7935-411: The affiliate in mainland China, which had received 99.98% of the fee. 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. EY's quality and risk management leader (Greater China) even testified in the Court of First Instance that he was not sure whether there
8050-497: The aforementioned Whinney Smith & Whinney. The latter of these two mergers spawned Anglo-American partnership Ernst & Whinney in 1979, then the fourth largest accountancy firm in the world. A decade later, in 1989, Ernst & Whinney merged with the fifth largest firm globally at the time, Arthur Young & Co., to create Ernst & Young . In October 1997, Ernst & Young announced plans to merge its global practices with professional services network KPMG , to create
8165-413: The auditing engagement partner Mark Harvey was sanctioned and fined £100,000. EY's fine was subsequently cut to £2.2 million for admitting to the failings, with Harvey's fine reduced to £70,000 for the same reason. In December 2021, EY filed a criminal complaint against unknown persons with Munich prosecutors relating to the alleged leak of a classified German parliamentary report relating to its role in
8280-401: The case as "a scandalous waste of time, money and resources for all concerned." In 2009, EY, the former auditors of Sons of Gwalia , agreed to a $ 125m settlement over their role in the gold miner's collapse in 2004. Ferrier Hodgson , the company's administrator, had claimed EY was negligent over the accounting of gold and dollar hedging contracts. However, EY said that the proposed settlement
8395-622: The central federal administration and the Federal Department of Finance and reports directly to the Swiss parliament. Banking supervision was introduced in Switzerland by the Federal Act on Banks and Savings Banks of 1934, following unsuccessful attempts that had started in 1914 and triggered by the severe banking crisis of 1931. The 1934 legislation established the Federal Banking Commission (EBK-CFB) as
8510-591: The collapse of payments firm, Wirecard , to the German newspaper, Handelsblatt . In April 2022 the administrators of NMC Health filed a $ 2.5 billion lawsuit against EY, alleging negligence during its work on NMC's accounts spanning a seven-year period. In 2023, the Public Company Accounting Oversight Board reported on four EY Canada audits conducted in 2022 and found that half had "multiple deficiencies". In April 2023,
8625-634: The company opened a Digital Security Operations Center, located in Muscat, Oman, to cover the EMEIA region as part of a $ 10 million investment. In 2018, EY opened a $ 4.4 million professional services center in Louisville, Kentucky, US, creating 125 new jobs, and announced it would open an IT / tech hub in Nashville, TN , US, creating 600 regional jobs. In November 2022, it was announced EY had acquired
8740-528: The company underwent a transformation of some of its region borders, primarily the union of its CIS region (operating in the former Soviet Union) and the CEE region (Eastern Europe) to create the CESA block. Over the course of its operations, EY has transformed its business model and diversified its pool of offered services. Over the course of the last decade EY has substantially altered its business approach to offer
8855-487: The conditions for the granting of licences that must be complied with at all times. If necessary and to the extent permissible by law, the FINMA imposes sanctions, provides administrative assistance and regulates. FINMA is also responsible for ensuring that self-regulation is acknowledged appropriately. The FINMA provides supervision when there is a risk to creditors, investors and policy holders and can penalise individuals or authority, its decision, however, can be challenged in
8970-483: The debt. On 5 September 2022, the firm announced that partners would vote on whether to split EY into two businesses. EY's member firms in China, Hong Kong, Macau, and Israel stated that they would not split. Rival firms such as KPMG and Deloitte have said they do not intend to imitate EY. In March 2023, Julie Boland, head of EY US, stated in a webcast that the split would be temporarily paused amid internal debate over
9085-482: The development of non-local forms of language and exposed all speakers to forms of German from outside their own area. With Luther's rendering of the Bible in the vernacular, German asserted itself against the dominance of Latin as a legitimate language for courtly, literary, and now ecclesiastical subject-matter. His Bible was ubiquitous in the German states: nearly every household possessed a copy. Nevertheless, even with
9200-456: The dialect so as to make the work as natural and accessible to German speakers as possible. Copies of Luther's Bible featured a long list of glosses for each region, translating words which were unknown in the region into the regional dialect. Luther said the following concerning his translation method: One who would talk German does not ask the Latin how he shall do it; he must ask the mother in
9315-466: The disclosure of participations and is the complaints body for decisions of the Takeover Board in the area of public takeover bids for listed companies. The FINMA grants operating licences for companies and organisations subject to its supervision, monitors the supervised institutions with respect to their compliance with the requisite laws, ordinances, directives and regulations, as well as with
9430-519: The eastern provinces of Banat , Bukovina , and Transylvania (German: Banat, Buchenland, Siebenbürgen ), German was the predominant language not only in the larger towns—like Temeschburg ( Timișoara ), Hermannstadt ( Sibiu ), and Kronstadt ( Brașov )—but also in many smaller localities in the surrounding areas. In 1901, the Second Orthographic Conference ended with a (nearly) complete standardization of
9545-683: The firm. David Goldfarb, a Lehman CFO who concocted the repo 105 balance sheet window dressing technique was a former senior partner of EY. EY said that its last audit of Lehman Brothers was for the fiscal year ending 30 November 2007 and that Lehman's financial statements were fairly presented in accordance with Generally Accepted Accounting Principles . In March 2015, EY settled Lehman-related lawsuits with municipalities in New Jersey and California. In 2014, tax arrangements negotiated by EY for The Walt Disney Company , Koch Industries , Skype , and other multinational corporations became public in
9660-528: The fraud was perpetrated. In October 2016, Mozilla stopped accepting WebTrust audits from Ernst & Young Hong Kong due to their failure "to detect multiple issues they should have detected" during their audits of WoSign . In February 2017, in response to questions regarding misissued certificates, Symantec stated they would no longer accept WebTrust audits from E&Y Korea and E&Y Brazil due to deficiencies in these audits. According to The Wall Street Journal , in 2019, EY had audited WeWork
9775-471: The granting of licences, key management, organisational and personnel issues, directives and supervisory matters of cross-divisional significance. The Executive Board prepares the necessary files and materials for decisions on items of business that fall under the remit of the Board of Directors and is responsible for implementing the resolutions of the Board of Directors and its committees. Anne Héritier Lachat
9890-435: The home, the children on the streets, the common man in the market-place and note carefully how they talk, then translate accordingly. They will then understand what is said to them because it is German. When Christ says ' ex abundantia cordis os loquitur ,' I would translate, if I followed the papists, aus dem Überflusz des Herzens redet der Mund . But tell me is this talking German? What German understands such stuff? No,
10005-481: The influence of Luther's Bible as an unofficial written standard, a widely accepted standard for written German did not appear until the middle of the eighteenth century. German was the language of commerce and government in the Habsburg Empire , which encompassed a large area of Central and Eastern Europe . Until the mid-nineteenth century, it was essentially the language of townspeople throughout most of
10120-436: The largest concentrations of German speakers are in the states of Rio Grande do Sul (where Riograndenser Hunsrückisch developed), Santa Catarina , and Espírito Santo . Ernst %26 Young Ernst & Young Global Limited , trading as EY , is a multinational professional services partnership . EY is one of the largest professional services networks in the world. Along with Deloitte , KPMG and PwC , it
10235-648: The largest professional services organization in the world. The announcement came on the heels of an announced merger between Price Waterhouse and Coopers & Lybrand only a month earlier. These plans were soon abandoned in February 1998, due to several factors ranging from client opposition, antitrust issues, cost problems, and the anticipated difficulty of merging the two diverse firms and cultures. The merger between Price Waterhouse and Coopers & Lybrand, however, went ahead as planned, creating PwC . Ernst & Young expanded its consulting practice heavily during
10350-402: The mother in the home and the plain man would say, Wesz das Herz voll ist, des gehet der Mund über . Luther's translation of the Bible into High German was also decisive for the German language and its evolution from Early New High German to modern Standard German. The publication of Luther's Bible was a decisive moment in the spread of literacy in early modern Germany , and promoted
10465-502: The new, separate auditing company. The firm's debt has proven to be an internal obstacle to the split. The debt is mostly owed to former partners of EY, taking the form of what the Wall Street Journal characterized as "effectively an unfunded pension plan". Would-be partners of the new accounting firm have expressed reservations as their descendant firm, the smaller of the new organizations, would presumably absorb most of
10580-653: The ninth century, chief among them being the Muspilli , Merseburg charms , and Hildebrandslied , and other religious texts (the Georgslied , Ludwigslied , Evangelienbuch , and translated hymns and prayers). The Muspilli is a Christian poem written in a Bavarian dialect offering an account of the soul after the Last Judgment , and the Merseburg charms are transcriptions of spells and charms from
10695-511: The office-space company that "nearly collapsed after fumbling a planned initial public offering". In April 2020, a former partner and whistleblower was awarded $ 10.8 million for ethical misconduct by EY in a Dubai gold audit by the high court in London. EY appealed the decision, but then dropped the appeal in March 2021. In 2020, EY failed to uncover $ 2 billion that was missing at Wirecard AG,
10810-462: The pronunciation of the ending -ig as [ɪk] instead of [ɪç]. In Northern Germany, High German was a foreign language to most inhabitants, whose native dialects were subsets of Low German. It was usually encountered only in writing or formal speech; in fact, most of High German was a written language, not identical to any spoken dialect, throughout the German-speaking area until well into the 19th century. However, wider standardization of pronunciation
10925-470: The proportioning of its tax service line among the proposed consulting and assurance spinoffs. The firm cancelled Project Everest as the US portion of the firm withdrew its support for the split in April 2023. Preparing and planning for the split cost EY $ 600 million. The firm is organized geographically into three areas: Europe, Middle East, India and Africa; the Americas; and Asia-Pacific. In 2018,
11040-561: The semblance of favouring any one of Switzerland's linguistic regions. FINMA was established in 2007 and succeeded the Federal Banking Commission ( German : eidgenössische Bankenkommission , French : Commission Fédérale des Banques , thus EBK-CFB ) established in 1934. It is an independent institution with its own legal personality based in Bern . It is institutionally, functionally and financially independent from
11155-529: The so-called Luxembourg Leaks . The disclosure of these and other tax arrangements led to controversial discussions about tax avoidance . EY's member firm in Japan, Ernst & Young ShinNihon, was fined ¥2.1 billion ( US$ 17.4 million ) for failing to spot irregularities during audit of its client Toshiba , which was Japan's worst accounting scandal in years. The firm was also suspended from taking up new business for three months. An official from Japan's Financial Services Agency (FSA) described that "there
11270-546: The states of North Dakota and South Dakota , German is the most common language spoken at home after English. As a legacy of significant German immigration to the country , German geographical names can be found throughout the Midwest region , such as New Ulm and Bismarck (North Dakota's state capital), plus many other regions. A number of German varieties have developed in the country and are still spoken today, such as Pennsylvania Dutch and Texas German . In Brazil,
11385-500: The third most commonly learned second language in the United States in K-12 education. The language has been influential in the fields of philosophy, theology, science, and technology. It is the second most commonly used language in science and the third most widely used language on websites . The German-speaking countries are ranked fifth in terms of annual publication of new books, with one-tenth of all books (including e-books) in
11500-555: The world being published in German. German is most closely related to other West Germanic languages, namely Afrikaans , Dutch , English , the Frisian languages , and Scots . It also contains close similarities in vocabulary to some languages in the North Germanic group , such as Danish , Norwegian , and Swedish . Modern German gradually developed from Old High German , which in turn developed from Proto-Germanic during
11615-600: The written form of German. One of the central events in the development of ENHG was the publication of Luther's translation of the Bible into High German (the New Testament was published in 1522; the Old Testament was published in parts and completed in 1534). Luther based his translation primarily on the Meißner Deutsch of Saxony , spending much time among the population of Saxony researching
11730-425: Was Chairwoman of the Board of Directors from 2011 until 1 January 2016 when Thomas Bauer, former Ernst & Young partner became Chairman. Since 2021, Marlene Amstad [ de ] serves as the chair. [REDACTED] Media related to Swiss Financial Market Supervisory Authority at Wikimedia Commons German language German (German: Deutsch , pronounced [dɔʏtʃ] )
11845-429: Was a "neutral" language as there were virtually no English native speakers in Namibia at that time. German, Afrikaans, and several indigenous languages thus became "national languages" by law, identifying them as elements of the cultural heritage of the nation and ensuring that the state acknowledged and supported their presence in the country. Today, Namibia is considered to be the only German-speaking country outside of
11960-404: Was a formal agreement covering the relationship between the two EY entities. The court case in 2013 came as US regulators were taking an interest in similar cases of accounting fraud in mainland China. In September 2016, the US securities regulatory SEC fined EY US US$ 9.3 million for failures, including an auditor's romantic involvement with a client. Another partner on the team who was auditing
12075-457: 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. In an unusual move, the FSA publicly named seven accountants involved in the audit who were said of failing to exercise due caution and signing off on false financial documents. The FSA also said
12190-547: Was an artificial standard that did not correspond to any traditional spoken dialect. Rather, it was based on the pronunciation of German in Northern Germany, although it was subsequently regarded often as a general prescriptive norm, despite differing pronunciation traditions especially in the Upper-German-speaking regions that still characterise the dialect of the area today – especially
12305-461: Was contrary to Swiss law and put UBS in a difficult position. Eventually UBS, with the support of FINMA, agreed to provide the names of 250 to 300 clients through FINMA and pay U.S. $ 780 million fines to settle the matter. FINMA used sections 25 and 26 of the Banking Act, provided for situations in which a bank is threatened with bankruptcy, to allow this to happen. Subsequently, in February 2009,
12420-468: Was criticised by politicians and the shareholders of Anglo Irish Bank for failing to detect large loans to Seán FitzPatrick , its chairman, during its audits. The Irish Government had to subsequently take full ownership of the Bank at a cost of €28 billion. The Irish Chartered Accountants Regulatory Board appointed John Purcell to investigate. EY said it "fundamentally disagrees with the decision to initiate
12535-492: Was established on the basis of public speaking in theatres and the media during the 20th century and documented in pronouncing dictionaries. Official revisions of some of the rules from 1901 were not issued until the controversial German orthography reform of 1996 was made the official standard by governments of all German-speaking countries. Media and written works are now almost all produced in Standard German which
12650-457: Was formed in 1989 by a merger of two accounting firms; Ernst & Whinney and Arthur Young & Co. It was named Ernst & Young until a rebranding campaign officially changed its name to EY in 2013, although this initialism was already used informally prior to its sanctioning adoption. In 2019, EY was the seventh-largest privately owned organization in the world. As of 2023, EY has continuously been ranked on Fortune magazine's list of
12765-660: Was joined by an accountant named Frederick Whinney, who, a decade later, became a partner. After his son joined the firm, it was later renamed Whinney, Smith & Whinney, in 1894. In 1903, the firm Ernst & Ernst was founded in Cleveland, Ohio, by Alwin C. Ernst , and his brother, Theodore Ernst. In 1906, Arthur Young & Co. was set up by a Scottish accountant, Arthur Young , in Chicago. Starting in 1924, these two American firms became allied with prominent British firms; Young with Broads Paterson & Co.; and Ernst with
12880-505: Was not an admission of any liability. Following allegations by the Securities and Exchange Commission (SEC) that EY had committed accounting fraud in its work auditing the books of Bally Total Fitness , EY reached two settlements in 2008, including a fine of $ 8.5 million. EY Hong Kong resigned from the audit of Standard Water on when it emerged that although EY Hong Kong had signed off the audit, it had been effectively outsourced to
12995-473: Was punished for forming a lucrative business arrangement with one of its audit clients, PeopleSoft, thus creating a conflict of interest. As a result, the firm was barred by the SEC from accepting any new publicly traded companies as audit clients for six months. In April 2004, Equitable Life , a UK life assurance company, sued EY after nearly collapsing but abandoned the case in September 2005. EY described
13110-500: Was said to be the firm's largest client for most of the 1990s from Hong Kong. The EY partner for the Akai account between 1991 and 1999, David Sun Tak-kei , faced no charges and went on to become co-managing partner for EY China. A few months later EY settled a similar claim of up to HK$ 300m from the liquidators of Moulin Global Eyecare, an audit client of the Hong Kong affiliate between 2002 and 2004. The liquidators described
13225-456: Was the first of those firms to fully separate its consulting practices via a sale to the French IT services company Capgemini for $ 11 billion, creating the new company Capgemini Ernst & Young, which was later renamed back to Capgemini . In 2002, Ernst & Young serviced a large chunk of the clients previously working with Arthur Andersen after their downfall in connection with
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