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The SEC has fined E&Y $100Million for cheating by its audit professionals on exams required to obtain and maintain Certified Public Accountant (CPA) licenses, and for withholding evidence of this misconduct from the SECs Enforcement Division.
(https://lnkd.in/eV6bFru9)
In addition to the fines E&Y will have two separate independent consultants on site to help remediate its deficiencies. To review review the firms policies and procedures relating to ethics and integrity. The other to review EYs conduct regarding disclosure.
Professional standards are not given away, they are earnt (CEng and CSyP). They define the highest standards and recognition that can be placed upon by clients. Auditors are duty bound to uphold the highest standards of integrity, ethics, governance and compliance under PCAOB rules and the Code of Professional Conduct of the American Institute of Certified Public Accountants (AICPAâ€). Providing boards with oversight and assurance and markets, regulators and shareholders with comfort. I think that the fine is an indication of the severity of the allegations and remediation.
Ted Dziekanowski
#audit #compliance #governance #regulation #riskmanagement
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