WeWork: Auditor EY didn’t warn about the risks

Are EY's IPO clients "special" or is a lack of ICFR warnings a key risk indicator?

Why is it that Ernst & Young LLP’s IPO clients appear to be like the citizens of Lake Wobegon — stronger, better-looking, and above average?

None of its 2019 IPO clients, including WeWork, disclosed material weaknesses in internal controls over financial reporting in their S-1s, according to my reporting on September 4.

However, more than 20% of the aud…