EY Pays $100 Million SEC Fine Over CPA Ethics Exam Cheaters (2)

Ernst & Young LLP admitted that dozens of its audit personnel cheated on the ethics portion of the Certified Public Accountant exam and that the firm misled US regulators probing the misconduct, according to the Securities and Exchange Commission.

The SEC announced on Tuesday that EY would pay a $100 million fine -- the largest ever penalty for an audit firm. In addition to violating accounting rules, EY didn’t cooperate with a key part of the regulator’s probe, the agency said.

Photographer: Simon Dawson/Bloomberg

Almost 50 EY audit employees improperly shared answer keys to the ethics portion of the CPA exam ...