Also yesterday, Robert M. Morgenthau, the Manhattan district attorney, said that his office had completed its inquiry into auditing of Tyco by PricewaterhouseCoopers for 1998 through 2001 and that no criminal charges would result.
Regulators rely on banks to provide accurate, timely information about operating problems and to cooperate with examiners on inquiries and audits.
The departures come amid an inquiry by the audit committee of the company's board.
Even the informal investigations comprising much of the SEC's audit inquiry and often resulting in no action or accounting tweaks of little impact to investors overshadow the stocks of subject companies until resolved.
The audit inquiries covered about 10percentt of FAA's safety directives.
By the end of 1996, with the Justice Department starting its inquiry, the internal audits had begun to produce some disturbing results, and not just about the eight troopers.
Soon after Enron became the subject of a Securities and Exchange Commission SECC) inquiry, Enron's auditing firm, Arthur Andersen LLP, was also named in an SEC investigation; Arthur Andersen ultimately went out of business in 2002.
If he was writing it, he says, he would refer the directors not just for banning orders but for criminal investigation, as well as demanding a proper judicial inquiry into the auditing of all the big banks and the conduct of the credit ratings agencies.
The accountancy profession regulator, the Financial Reporting Council, is also conducting an inquiry into the auditing of Co-op Bank's accounts.
The audit chamber inquiry is expected to cut down on further such speculation.
