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Globe says SEC's E&Y fine prompts questions here

2022-06-30 08:25 ET - In the News

See In the News (C-*SEC) U S Securities and Exchange Commission

The Globe and Mail reports in its Thursday edition that Canada's audit regulator will ask Ernst & Young if its employees cheated on exams and training courses after the firm was handed a record penalty for allowing hundreds of its workers to do so in the United States. The Globe's David Milstead writes that the U.S. Securities and Exchange Commission announced a $100-million (U.S.) settlement with E&Y after 49 of its audit professionals cheated on exams required to obtain and maintain their certified public accountant licences over five years. In addition, hundreds of E&Y employees cheated on continuing professional education courses, the SEC said. It is believed to be the largest fine the SEC has imposed on an audit firm. Susan Schutta, spokesperson for the Canadian Public Accountability Board, said CPAB was not part of the U.S. investigation and learned of the settlement when the SEC announced it. CPAB, which inspects the accounting firms that audit public companies, will now examine E&Y's Canadian operations to find out whether cheating occurred here, she said. In a statement, E&Y Canada said in a statement that the settlement relates only to the U.S. firm and does not affect the Canadian firm.

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