According to the revelation made by the Accountancy and Actuarial Discipline Board that they has started an examining procedure into the conduct of Ernst & Young, last night, for its role as an auditor to Lehman Brothers International Europe. The board is also crafting an investigation agenda for the number of individuals, but declined to comment on who or how many.

However the probing is taken out after taking the right consultation through the Institute of Chartered Accountants of England & Wales, which is the professional body.

Further the investigation was fuelled by the investigation findings of US investigator Anton Valukas, whose reports acclaimed in the US bankruptcy court that the auditor shall face the legal claims for professional malpractice cropping out from a number of issues which could be deemed as negligent actions.

The investigative and disciplinary arm of the Financial Reporting Council, Accountancy and Actuarial Discipline Board asked Ernst & Young for many documents due to the result of the Valukas report, and planned out to launch the full-scale investigation at a board meeting on last Thursday.

Although the AADB's examination is stressing upon the Ernst & Young's audit of Lehman's European arm in the year to November 2007, with addition to the accounting treatment.