Havas names Ernst & Young to replace Andersen

PARIS - French advertising group Havas is to replace Andersen as its auditor with Ernst & Young from the beginning of 2003, following an in-depth review.

Havas said it had made a review of the services offered by the main global auditing firms before making its decision.

Andersen has been broken up after becoming embroiled in the Enron scandal, where the energy giant inflated profits and concealed debts from investors. Andersen was reported to have shredded vital documents involved in the case to cover its own tracks.

Ernst & Young has taken over Andersen's auditing business in France, where Havas is headquartered. The company also has a listing on the Nasdaq in New York.

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