Accounting firm Ernst & Young has been fined $100 million by the US Securities and Exchange Commission after admitting to allegations that 49 of its auditors cheated on the certified public accountant ethics exam by obtaining and circulating answer keys. Other auditors cheated on continuing professional education courses required for maintenance of licensure. Ernst & Young also withheld evidence during the SEC investigation. In addition to the fine, Ernst & Young is required to retain two separate independent consultants to review the firm's policies and procedures related to ethics as well as review disclosure failures.
July 06, 2022
