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AMERICAN INSTITUTE OF CPAs STATEMENTON SETTLEMENT OF ERNST & YOUNG WITH GOVERNMENT

 NEW YORK, Nov. 23 ~PRNewswire~ -- The American Institute of Certified Public Accountants (AICPA) believes the settlement between Ernst & Young and the FDIC, the Office of Thrift Supervision and the Resolution Trust Corporation makes good sense for Ernst & Young and the U.S. taxpayer since it represents a means of avoiding years of costly litigation. We note that in the consent order Ernst & Young neither admitted or denied Office of Thrift Supervision's allegations of improper auditing practices.
 However, we find it disturbing that the regulators are heavy-handed in their attempt to blame the entire problem of the S&L crisis on the accounting profession and other professions, while conveniently overlooking the regulators' own role in the S&L debacle.
 -0- 11~23~92
 ~CONTACT: Geoff Pickard, 212-575-7089, or Barbara Sands, 212-575-3892, both of American Institute of Certified Public Accountants~


CO: American Institute of CPAs ST: New York IN: FIN SU:

TM -- NY096 -- 0826 11~23~92 21:14 EST
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Publication:PR Newswire
Date:Nov 23, 1992
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