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In Lehman Brothers' case, why should E&Y have considered the Repo 105 transactions to be material...

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Accounting

In Lehman Brothers' case, why should E&Y have considered theRepo 105 transactions to be material and required these to bedisclosed before signing off on the audit? What E&Y should havedone regarding the accounting of Repo 105 transactions?

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3.6 Ratings (590 Votes)
Materiality means that accountants only record events that are significant enough to justify the usefulness of the information Only items that are significant for a given size of operation should be recorded evaluated In simple    See Answer
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