Big Four accounting firm Ernst & Young will pay $100 million to settle U.S. Securities and Exchange Commission (SEC) charges that its auditors cheated on certified public accounting (CPA) 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.
The Wall Street watchdog found that 49 EY professionals "obtained or circulated" answer keys to CPA license exams, while hundreds of others cheated to complete the continuing professional education components relating to CPA ethics. "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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