Stefania Palma and Michael O’DwyerBig Four auditing firm EY has agreed to a record $100 million settlement with the US securities regulator to resolve claims that dozens of its employees cheated on an ethics exam and that it misled investigators.
“It’s simply outrageous that the very professionals responsible for catching cheating by clients cheated on ethics exams of all things.” EY acknowledged the SEC’s findings and said it was complying with the order. Its response to “this unacceptable past behaviour has been thorough, extensive, and effective”, the auditor said, adding that it would continue taking steps including disciplinary action and training to “strengthen” commitments to “compliance, ethics, and integrity”.
Shortly after the KPMG case in 2019, EY formally denied any issues with its own employees cheating on exams, according to the SEC order. According to the SEC order, 91 EY employees requested, used or shared answers with colleagues after the US chair and managing partner sent a note to US staff in 2019 warning against cheating in light of the KPMG case.
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