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In the Lehman Brothers case did the auditors exercise sufficient professional skepticism based on the statement In fact, lead engagement partner William Schlich informed Anton

In the Lehman Brothers case did the auditors exercise sufficient professional skepticism based on the statement "In fact, lead engagement partner William Schlich informed Anton R Valukas, the examiner in the eventual bankruptcy proceedings, that Ernest and Young had long been aware of Lehman's Repo 105 transactions. It did not "Approve" the policy but became comfortable with the policy for purposes of auditing financial statements."EY indicated to the Examiner that it concurred with Lehman's approach, although it did not have an opinion on the use of the transaction to manage the company's reported debt?"

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