Big Four accounting firm Ernst & Young will pay $100 million to settle U.S. Securities and Exchange Commission charges that its auditors cheated on certified public accounting exams and that it misled the agency’s investigators. The London-based auditor admitted to the charges and agreed to pay what the SEC said is its largest fine against an auditor.
It’s simply outrageous that the very professionals responsible for catching cheating by clients cheated on ethics exams,” 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. EY submitted to the SEC that it did not have issues with cheating when, in fact, the firm had been informed of potential cheating on a CPA ethics exam by a member of staff, the SEC said.
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