Ernst & Young will pay $100 million to the Securities and Exchange Commission after admitting that employees cheated on certified public accountant exams for years.
over several years a “significant number” of Ernst & Young employees cheated on the ethics component of the CPA exam, as well as other courses needed to maintain their licenses.
Ernst & Young failed to admit to malpractice during the investigation, the SEC said, even though the firm had already been informed of the cheating allegations. SEC Enforcement Division Director Gurbir S. Grewal said in a press release it was “outrageous that very professionals responsible for catching cheating by clients cheated on ethics exams of all things.”
In addition to the fine, Ernst & Young will have to hire two independent consultants to review its ethics policies and disclosure failures.Auditors need CPA licenses in order to evaluate companies’ financial statements and check for malpractice. Ernst & Young is one of the “big four” auditing firms, alongside Deloitte, PricewaterhouseCoopers and KPMG. In May,
that Ernst & Young is planning to split its consulting and auditing branches, an enormous shake-up in the accounting world.
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