SEC CHARGES EY USD9.3 MILLION FOLLOWING AUDITOR INDEPENDENCE FAILINGS
September 1st, 2016
THE UNITED States (US) Securities and Exchange Commission (SEC) charged accounting firm Ernst & Young (EY) USD9.3 million on September 19 to settle charges that it violated auditor independence rules. This follows findings that two separate partners both had personal relationships with senior financial officials in public companies they were auditing. The EY partners violated rules requiring firms to maintain their objectivity and impartiality during audits. In its first enforcement actions for auditor independence violations, the SEC said senior EY ...
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