Ernst & Young decided it was not independent solely due to an inappropriate personal relationship between an E&Y partner and Ventas' (VTR) now-former chief accounting officer and controller.
As a result, E&Y is forced to withdraw its 2012 and 2013 full-year audits of Ventas financial statements. The withdrawal is solely over the personal relationship. and not for any questioning over the statements, Ventas' accounting practices, or the integrity of its controls.
KPMG has been hired as Ventas' new audit firm and is reviewing the relevant periods. Ventas believes all historical results are materially accurate.