Ernst & Young and brokerage Arqaam Capital, accused of accountancy misconduct over the value of Iranian artwork, reached a deal with the regulator of Dubai's financial free zone hours before the case would have gone to court on Monday.
The Dubai Financial Services Authority (DFSA) had said the treatment of artwork in Arqaam's 2009 accounts did not comply with accounting standards, overstating operating income by 42 percent and understating its loss for the year to end-June 2009 by 21 percent, a court document said.
E&Y, as auditor, had signed off on the accounts.
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