Accounting Firm Ernst & Young Fined $100 Million After Employees Cheated on CPA Exams

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Published on June 28, 2022 - Duration: 01:31s

Accounting Firm Ernst & Young Fined $100 Million After Employees Cheated on CPA Exams

Accounting Firm Ernst & Young , Fined $100 Million , After Employees Cheated on CPA Exams. CNN reports that on June 28, the Securities and Exchange Commission (SEC) said , a "significant number" of Ernst & Young's auditors cheated on ethics portions of tests to keep CPA licenses.

The accounting firm has been fined $100 million, the SEC's largest-ever fine against that type of company.

This action involves breaches of trust by gatekeepers within the gatekeeper entrusted to audit many of our nationโ€™s public companies.

, Gurbir Grewal, director of the SECโ€™s Enforcement Division, via press release.

Itโ€™s simply outrageous that the very professionals responsible for catching cheating by clients cheated on ethics exams of all things, Gurbir Grewal, director of the SECโ€™s Enforcement Division, via press release.

This action should serve as a clear message that the SEC will not tolerate integrity failures by independent auditors who choose the easier wrong over the harder right.

, Gurbir Grewal, director of the SECโ€™s Enforcement Division, via press release.

Ernst & Young has also been ordered to employ two independent consultants to "help remediate its deficiencies.".

Ernst & Young is complying with the SEC's order and said that โ€œnothing is more important than our integrity and our ethics.โ€.

We have repeatedly and consistently taken steps to reinforce our culture of compliance, ethics, and integrity in the past.

, Spokesperson for Ernst & Young, via CNN.

We will continue to take extensive actions, including disciplinary steps, training, monitoring, and communications that will further strengthen our commitment in the future, Spokesperson for Ernst & Young, via CNN


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Ernst & Young

Multinational professional services network headquartered in London, England



Certified Public Accountant

Title of qualified accountants in many countries

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