The SEC, in the order, noted that Ernst had sent out warnings in the past to employees about not cheating on exams but did not put in place sufficient controls until recently.
Ernst & Young, one of the world’s largest auditing firms, has agreed to pay a $100 million fine after U.S. securities regulators found that some of its auditors had cheated on ethics exams — and that the firm did not do enough to stop the practice.
“It’s simply outrageous that the very professionals responsible for catching cheating by clients cheated on ethics exams, of all things,” said Gurbir S. Grewal, the commission’s director of enforcement, in announcing the settlement Tuesday. Ernst, which admitted in the order that its conduct was wrong, said in a statement that “nothing is more important than our integrity and our ethics.” The firm also said that “sharing answers on any assessment or exam is a violation of our Code of Conduct and is not tolerated” and said it would take efforts to enforce compliance with ethical rules.
Forty-nine auditors at Ernst received the “answer key” to an ethics exam that is part of the initial process of becoming a certified public accountant, according to the SEC’s administrative order.
Malaysia Latest News, Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
SEC Fines Ernst & Young $100 Million Over Employee Cheating On CPA ExamsErnst & Young will pay $100 million to the Securities and Exchange Commission after admitting that employees cheated on certified public accountant exams for years.
Read more »
Ernst & Young hit with record fine after employees cheat on ethics examErnst & Young will pay $100 million to settle SEC charges that its auditors cheated on CPA ethics exams and that it misled the agency's investigators.
Read more »
21 young people found dead in South African tavern after end-of-school partyThe 21 people found dead were reportedly teenagers celebrating the end of winter exams.
Read more »
How to watch ‘Teen Mom: Young & Pregnant’ season 4 premiere: Time, channel, live stream infoDon't miss tonight's season 4 premiere of 'Teen Mom: Young & Pregnant' at 9 p.m.
Read more »
New Documentary Explores Lives of Young People With Mental Health ChallengesWTTW is premiering a two-part documentary film “Hiding in Plain Sight,” which explores some of the mental health challenges today’s youth faces.
Read more »