The $100 million fine is its largest ever against an auditing firm
The Securities and Exchange Commission said Tuesday that a"significant number" of the accounting firm's auditors cheated on the ethics portion of the Certified Public Accountant test and other courses needed to maintain the licenses. Perhaps more stunningly, the SEC said that Ernst & Young"made a submission" that it didn't have"current issues with cheating when, in fact, the firm had been informed of potential cheating on a CPA ethics exam.".
"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," Grewal said. Read MoreIn addition to the fine, the SEC ordered Ernst & Young to retain two independent consultants to"help remediate its deficiencies," with one firm reviewing the company's procedures on ethics and another on its disclosure failures.
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