• Send Us A Tip
  • Calling all Tech Writers
  • Advertise
Tuesday, July 15, 2025
  • Login
TechStory
  • News
  • Crypto
  • Gadgets
  • Memes
  • Gaming
  • Cars
  • AI
  • Startups
  • Markets
  • How to
No Result
View All Result
  • News
  • Crypto
  • Gadgets
  • Memes
  • Gaming
  • Cars
  • AI
  • Startups
  • Markets
  • How to
No Result
View All Result
TechStory
No Result
View All Result
Home News

EY to pay $100M fine as dozens of its auditors cheat in ethics portion of CPA exam

by Meghana Kandra
June 28, 2022
in News
Reading Time: 2 mins read
0
Top accounting firm fined $100 million after employees cheated on CPA exams
TwitterWhatsappLinkedin

Ernst & Young LLP admitted that many of its audit personnel cheated in the Certified Public Accountant exam in the ethics portion. It is known that the firm misled the investigation by US regulators probing the misconduct. The SEC fined a $100 million fine on EY, the largest penalty for an audit firm.

You might also like

Nintendo Switch Piracy Hub Nsw2u Taken Down in FBI Crackdown

France Investigates X Over Algorithm Changes Amid Fears of Foreign Interference

Tesla Slashes Model Y Price by $20,000 in Canada as Tariffs and Sales Woes Mount

Top accounting firm fined $100 million after employees cheated on CPA exams
Image credits- CNN

While there was a violation, the firm did not cooperate with the investigation. Around 50 EY audit employees have supposedly shared answer keys to the ethics portion. This applied to the CPA portion conducted between 2017-2021. In addition to this, hundreds of others cheated on various other professional education courses, according to SEC.

As the probe comes out, EY gives a statement that it is complying with the SEC’s settlement order. The company also announced that required steps are being taken to improve compliance. The firm said, “We are confident that the outcomes of the undertakings will reinforce steps we have already taken in the years since these situations occurred,”

Further added, “Sharing answers on any assessment or exam is a violation of our Code of Conduct and is not tolerated at EY. Our response to this unacceptable past behavior has been thorough, extensive, and effective.”

Actions by the firm

As the news comes out, the firm is investigating and taking disciplinary action. SEC said that despite being informed the company initially converted to the agency that it didn’t have a problem with cheating. The auditor failed to correct those statements and it led to further investigation.

It turns out that many EY employees have violated the company’s code of conduct. As the firm is taking action, some were fired as a result. It was because some still did it as they couldn’t pass on their own. The head of SEC’s enforcement division said in a statement, “It’s simply outrageous that the very professionals responsible for catching cheating by clients cheated on ethics exams. t’s equally shocking that Ernst & Young hindered our investigation of this misconduct.”

As of the action from SEC, in addition to the penalty, EY must also hire two separate consultants. These consultants will be responsible for examining ethics policies and other review disclosure failures. In recent years, the firm was also sued by Wall Street’s main regulator. Last year the firm paid $10 million penalties to the SEC as it violated auditor independence rules. In 2016, it was penalized $9 million to settle claims of inappropriate relationships with clients.

EY’s record SEC penalty follows a $50 million fine against KPMG LLP in 2019 for cheating on internal training exams, as well as for altering past audit work after receiving stolen information from an industry watchdog. KPMG also admitted wrongdoing in settling that case.

Tags: AuditorsCPA examsErnst & YoungEYSEC probe
Tweet54SendShare15
Previous Post

Goldman Sachs note spreads negative talks about Coinbase as the shares plummet by 86% from its peak

Next Post

Twitter India “withholds” diplomatic accounts of Pakistan, from being accessed in India

Meghana Kandra

Meghana studied PGD in Journalism, open university. She has more than five years of experience in content writing, from creative content development to online journalism. Electric vehicle enthusiast, engineer, and feminist.

Recommended For You

Nintendo Switch Piracy Hub Nsw2u Taken Down in FBI Crackdown

by Harikrishnan A
July 15, 2025
0
Nintendo Switch Piracy Hub Nsw2u Taken Down in FBI Crackdown

A well-known website catering to Nintendo Switch piracy, Nsw2u, has been permanently taken offline following an investigation led by the FBI. The site, widely used for downloading illegal...

Read more

France Investigates X Over Algorithm Changes Amid Fears of Foreign Interference

by Harikrishnan A
July 15, 2025
0
European Union Commences Investigation into Social Media Firm X for Alleged DSA Violations

French authorities have opened a formal investigation into the social media platform X—formerly known as Twitter—amid allegations that its algorithm may have been manipulated to support foreign interference...

Read more

Tesla Slashes Model Y Price by $20,000 in Canada as Tariffs and Sales Woes Mount

by Harikrishnan A
July 15, 2025
0
Tesla Owner Burns Down Car and House After Plugging Directly Into Power Line

Tesla is in crisis management mode in Canada, cutting the price of its Model Y SUV by a staggering CAD $20,000 in an urgent attempt to recover from...

Read more
Next Post
Twitter India ban

Twitter India "withholds" diplomatic accounts of Pakistan, from being accessed in India

Please login to join discussion

Techstory

Tech and Business News from around the world. Follow along for latest in the world of Tech, AI, Crypto, EVs, Business Personalities and more.
reach us at [email protected]

Advertise With Us

Reach out at - [email protected]

BROWSE BY TAG

#Crypto #howto 2024 acquisition AI amazon Apple Artificial Intelligence bitcoin Business China cryptocurrency e-commerce electric vehicles Elon Musk Ethereum facebook funding Gaming Google India Instagram Investment ios iPhone IPO Market Markets Meta Microsoft News NFT samsung Social Media SpaceX startup startups tech technology Tesla TikTok trend trending twitter US

© 2024 Techstory.in

No Result
View All Result
  • News
  • Crypto
  • Gadgets
  • Memes
  • Gaming
  • Cars
  • AI
  • Startups
  • Markets
  • How to

© 2024 Techstory.in

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Are you sure want to unlock this post?
Unlock left : 0
Are you sure want to cancel subscription?