The SEC, in the order, noted that Ernst had sent out warnings in the past to employees about not cheating on exams but did not put in place sufficient controls until recently.
Ernst & Young, one of the world’s largest auditing firms, has agreed to pay a $100 million fine after U.S. securities regulators found that some of its auditors had cheated on ethics exams — and that the firm did not do enough to stop the practice.
“It’s simply outrageous that the very professionals responsible for catching cheating by clients cheated on ethics exams, of all things,” said Gurbir S. Grewal, the commission’s director of enforcement, in announcing the settlement Tuesday. Ernst, which admitted in the order that its conduct was wrong, said in a statement that “nothing is more important than our integrity and our ethics.” The firm also said that “sharing answers on any assessment or exam is a violation of our Code of Conduct and is not tolerated” and said it would take efforts to enforce compliance with ethical rules.
Forty-nine auditors at Ernst received the “answer key” to an ethics exam that is part of the initial process of becoming a certified public accountant, according to the SEC’s administrative order.
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