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E&Y joins Swiss audit effort.

The Swiss Federal Banking Commission (SFBC SFBC Science Fiction Book Club
SFBC Swiss Federal Banking Commission (Switzerland)
SFBC South Florida Bible College
SFBC San Francisco Bicycle Coalition
SFBC South Florida Building Code
SFBC South Florida Bioavailability Clinic
), the Independent Committee of Eminent Persons (ICEP ICEP Independent Committee of Eminent Persons (fictitious organization used in email scams)
ICEP Illinois College of Emergency Physicians
ICEP International Cultural Exchange Programs
ICEP Interoperability Certification Evaluation Plan
) and the Swiss Bankers Association The Swiss Bankers Association is a professional organization of Swiss financial institutions. Background
The trade association known as the Swiss Bankers Association was founded in 1912 in Basel, Switzerland.
 (SBA) announced a claims resolution process (CRP C-reactive protein (CRP)
A protein present in blood serum in various abnormal states, like inflammation.

Mentioned in: Pelvic Inflammatory Disease

CRP, See C-reactive protein.
) for dormant accounts in Swiss banks. Such accounts may have belonged to victims of the Holocaust who were unable to claim their money after World War II. (See "Attesting to History," JofA, Feb. 97, page 10.) Ernst & Young, through its office in Basle, Switzerland, is handling a key portion of the CRP by administering a list of dormant accounts for the benefit of Holocaust survivors and their heirs. Michael Bradfield, a Washington, D.C., lawyer who is acting as a counsel to the ICEP, told the Journal that this was not a traditional accounting job. However, he said an accounting firm was chosen for this task "because a CPA (Computer Press Association, Landing, NJ) An earlier membership organization founded in 1983 that promoted excellence in computer journalism. Its annual awards honored outstanding examples in print, broadcast and electronic media. The CPA disbanded in 2000.  firm offers a certain credibility." Also, he said, E&Y has worldwide facilities capable of assistant claimants.

Meanwhile, the actual forensic investigators, Arthur Andersen, KPMG KPMG Klynveld Peat Marwick Goerdeler (accounting firm)
KPMG Kaiser Permanente Medical Group
KPMG Keiner Prüft Mehr Genau (German)
KPMG Kommen Prüfen Meckern Gehen
 and Price Waterhouse, will commit "hundreds" of people to this audit, according to Bradfield. The preparatory phase is over, and the firms are beginning pilot audits that will lead to a final audit program covering all relevant Swiss banks. "Because of all the people involved, we hope to complete our task by the end of 1998," said Bradfield. Although he admitted some think this is "somewhat optimistic," he thinks it is highly realistic because of the forensic resources that will be devoted to the task.
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Copyright 1997, Gale Group. All rights reserved. Gale Group is a Thomson Corporation Company.

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Title Annotation:Ernst and Young
Publication:Journal of Accountancy
Article Type:Brief Article
Date:Sep 1, 1997
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