EY FINED USD100 MILLION AFTER EMPLOYEES CHEAT ON CPA ETHICS EXAMS
July 30th, 2022
Accountancy giant Ernst & Young (EY) has been fined USD100 million, the largest penalty that the US Securities & Exchange Commission (SEC) has ever imposed on an audit firm, after at least 49 employees were caught cheating on professional exams. The SEC said on June 28 that it was fining EY not only over the cheating on tests needed to obtain and maintain Certified Public Accountant (CPA) licenses, but also for covering up and withholding evidence of the misconduct (including internal reports), from the SEC’s enforcement division during its ...
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