A year and a half after the SEC announced a record $100 million fine against EY, the ghost of cheating past continues to haunt the firm. This time in the form of $3 million payable to the state of Texas. This is the largest administrative penalty the Texas Board has ever assessed against a CPA firm.
This from a press release on Friday:
EY was the subject of a Securities and Exchange Commission (SEC) order that included a number of professionals licensed as Texas CPAs who were found to have cheated on ethics exams and on a variety of other examinations required to maintain their Texas CPA licenses. The SEC had further determined that EY had withheld this misconduct from the SEC staff who were involved in the investigation.
“The action represents the Board’s message to all Texas licensees that the Board will not tolerate any form of professional misconduct,” said TSBPA Executive Director William Treacy.
That’s it. That’s the press release.
The post The Texas Board of Accountancy Slapped EY With a Huge Fine appeared first on Going Concern.