EY will pay a record $100 million fine after the SEC found 49 staff cheated on an ethics exam
after the regulator found dozens of staff cheated on an ethics exam.
published Tuesday, the SEC said further that"hundreds of other audit professionals" at EY cheated on professional courses and exams,"including those addressing CPAs' ethical obligations."The order also noted that many EY employees who did not cheat themselves were aware of the cheating, but did not report it, breaching company codes of conduct.
"It's simply outrageous that the very professionals responsible for catching cheating by clients cheated on ethics exams of all things," he added. EY's record settlement is double the previous the penalty given to an audit firm for an ethics violation.