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29 Jun 2022
Accounting firm gets 100 million fine for faulty regulations
The Index Today
Top accounting firm Ernst & Young has been slammed with a record $100 million fine from the US government. The firm was sent through fine after regulators discovered that the company knew some of its auditors were cheating on exams for several years and did nothing to stop it. The $100 million fine is its largest ever against an auditing firm.
In addition to the fine, the SEC ordered Ernst & Young to retain two independent consultants to "help remediate its deficiencies," with one firm reviewing the company's procedures on ethics and another on its disclosure failures.
Ernst & Young said in a statement that "nothing is more important than our integrity and our ethics" and that it is complying with the SEC's order.