Long-time Chief Executive Officer Ben Silbermann of Pinterest would step down, handing over the reins of the social media platform to Google...

Stock Market

Google executive to take over as a new CEO of Pinterest

Top accounting firm Ernst & Young has been slammed with a record $100 million fine from the US government...

Stock Market

Accounting firm gets 100 million fine for faulty regulations

The Indian rupee slipped into a fresh low today and extended losses against the US dollar.

Forex

The rupee tumbled to a new low against the dollar in the midst of an increase in crude oil price

Wall Street saw a sharp fall at its closing in a broad sell-off. Consumers' worries over recession have sparked up...

Stock Market

Wall Street Lose Balance after recession strikes growth fear among consumers’

Soaring inflation may be pushing the US economy into a deep recession. Last week's 0.75% interest rate hike by the Federal Reserve...

Stock Market

Inflation ringing the recession bell - Mohammed Shaheen

Stock Market

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.

Clay pottery with table linens