The SEC is looking in to a report that Washington Council Ernst & Young violated auditor...

|By:, SA News Editor

The SEC is looking in to a report that Washington Council Ernst & Young violated auditor rules by letting its lobbying unit perform work for several major audit clients including Amgen (AMGN), CVS Caremark (CVS) and Verizon (VZ). U.S. independence rules bar auditors from serving in an "advocacy role" for audit clients, but it's unclear how far along the probe is, or whether it will result in any civil charges.