Accounting Firm Ernst & Young , Fined $100 Million , After Employees Cheated on CPA Exams.<br />CNN reports that on June 28, the Securities and Exchange Commission (SEC) said , a "significant number" of Ernst & Young's auditors <br />cheated on ethics portions of tests to keep CPA licenses.<br />The accounting firm has been fined $100 million, the SEC's largest-ever fine against that type of company.<br />This action involves breaches of trust by gatekeepers within the gatekeeper entrusted to audit many of our nation’s public companies. , Gurbir Grewal, director of the SEC’s Enforcement Division, via press release.<br />It’s simply outrageous that the very professionals responsible for catching cheating by clients cheated on ethics exams of all things, Gurbir Grewal, director of the SEC’s Enforcement Division, via press release.<br />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. , Gurbir Grewal, director of the SEC’s Enforcement Division, via press release.<br />Ernst & Young has also been ordered to employ two independent consultants to <br />"help remediate its deficiencies.".<br />Ernst & Young is complying with the SEC's order and said that “nothing is more important than our integrity and our ethics.”.<br />We have repeatedly and consistently taken steps to reinforce our culture of compliance, ethics, and integrity <br />in the past. , Spokesperson for Ernst & Young, via CNN.<br />We will continue to take extensive actions, including disciplinary steps, training, monitoring, and communications that will further strengthen our commitment <br />in the future, Spokesperson for Ernst & Young, via CNN
