BoU suspends Ernst and Young Audit Firm over Crane Bank fraud

By Watchdog reporter

 Bank of Uganda (BoU) has suspended Ernst & Young audit firm from auditing any commercial banks in the country this year over the recent Crane Bank fraud where it’s alleged that business mogul Sudhir Ruparelia siphoned shs400 billion from the bank to different companies and individuals.

According to the Observer, the decision to suspend Ernst & Young was taken after a forensic audit showed the firm’s staff had helped the bank hide critical information from other auditors and the regulators.

Ernst & Young will not be allowed to audit any commercial bank, credit institutions, microfinance and deposit-taking institutions (MDIs), forex bureaus and money remitters in Uganda this year.