LT: Ernst & Young Baltic warned because of Snoras audit.

By bne IntelliNews June 21, 2012
Lithuanian audit company Ernst & Young Baltic (E&Y) was warned by the Audit Accounting Agency (AAA). The auditor Ramunas Bartasius, who was leading bank Snoras audit has lost his auditors license. E&Y does not agree with the warning, indicating that all of the audit standards were followed in Snoras audit. AAA indicates that the auditor did not follow the scepticism principle, and did not collect enough evidence to reduce the risks to acceptable levels, when doing Snoras 2010 financial year audit. The agency added that quality control systems with the company were failing, thus it has to review its inside policies. Snoras depositors and creditors association indicated that it is considering bringing the auditor to court, yet the timings are yet uncertain.

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