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· Posted on
February 21, 2024

EY employees got caught cheating on their ethics exams and someone call Alanis Morissette 'cos that's pretty ironic

Dozens of EY audit employees have been caught cheating on the ethics portion of their CPA exams.

What's the key learning?

  • Dozens of EY audit employees cheated on the ethics portion of the Certified Public Accountant exam
  • EY will have to pay a $144 million fine - the largest ever penalty for an audit firm
  • Auditors go into businesses to ensure the integrity of the company’s financial reporting and make sure everything is squeaky clean, so when their integrity is compromised... It can lead to some hefty consequences.

👉 Background: EY is a professional services firm founded back in 1989 in the UK. Now, it's got more than 300,000 employees around the world 🌏.

👉  What happened: It's been revealed that dozens of EY audit employees cheated on the ethics portion of the Certified Public Accountant exam. The firm also misled US regulators that were looking into the conduct.

👉 What else: Now EY will have to pay an eye-watering $144 million fine - the largest ever penalty for an audit firm.

What's the key learning?

💡Not only do public companies and large private companies want to make sure that they’re doing their accounting correctly… But they’re legally required to.

💡Auditors go into businesses to ensure the integrity of the company’s financial reporting and make sure everything is squeaky clean. That's so they can maintain the confidence of public investors and make sure there's no funny business.

💡So, that's why the integrity of these auditing companies - like EY - is so important... And why they get punished pretty severely when they slip up.

‍

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