Ernst & Young Hit With $100 Million Fine Over Cheating on Ethics Tests
Hundreds of employees shared answers to exams required to maintain their licenses
Hundreds of auditors at accounting giant Ernst & Young cheated on ethics tests they were required to take to get or maintain their professional licenses, and the company withheld evidence of the misconduct from federal authorities investigating the matter, according to the Securities and Exchange Commission.
In response, the SEC is imposing a $100 million fine on the company, the largest ever on an audit firm, the agency announced Tuesday.
"This action involves breaches of trust by gatekeepers within the gatekeeper entrusted to audit many of our nation’s public companies,” Gurbir Grewal, SEC enforcement director, said in a statement. “It’s simply outrageous that the very professionals responsible for catching cheating by clients cheated on ethics exams of all things.”
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