The London-based auditor admitted to the charges, the regulator said, and agreed to pay what the SEC said is its largest fine against an auditor.EY has also agreed to"undertake extensive remedial measures to fix the firms ethical issues," the SEC said.
"This action involves breaches of trust by gatekeepers entrusted to audit many of our nation's public companies," Gurbir Grewal, the SEC's enforcement director, said in a statement. "And it's equally shocking that Ernst & Young hindered our investigation of this misconduct," added Grewal. It added that EY admitted it did not correct its submission even after an internal EY investigation confirmed there had been cheating, and even after its senior lawyers discussed the matter with the firm's senior management.
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