Reuters: Regulatory News: UPDATE 1-Canada's OSC says Ernst failed in Sino-Forest audits

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UPDATE 1-Canada's OSC says Ernst failed in Sino-Forest audits Dec 3rd 2012, 17:25 Mon Dec 3, 2012 12:25pm EST TORONTO Dec 3 (Reuters) - Canada's top securities regulator said on Monday it believes Ernst & Young LLP breached the Ontario Securities Act in its audits of Sino-Forest Corp , a China-focused forestry company that collapsed under the weight of fraud allegations. Regulators have accused Sino-Forest of exaggerating the size of its assets in China. Trading of shares of Sino-Forest, once the biggest forestry company on the Toronto Stock Exchange, was halted in August 2011. The shares were formally delisted in May 2012, and the company is now insolvent. In a statement released by the Ontario Securities Commission on Monday, the regulator said its staff allege that Ernst & Young's audits failed to measure up to industry standards in verifying the ownership and existence of Sino-Forest assets. The allegations concern audits from 2007 to 2010. Sino was the most prominent in a series of North American-listed companies with Chinese operations whose accounting or disclosure practices came under suspicion last year. The scandals have hurt investor confidence and led to sharp declines in the equity valuations of many Chinese companies listed in the United States and Canada.

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