EY: Fines

(asked on 11th July 2022) - View Source

Question to the Department for Business, Energy and Industrial Strategy:

To ask the Secretary of State for Business, Energy and Industrial Strategy, whether he has asked the Financial Reporting Council to investigate audit firm Ernst & Young in response to the record fine issued by the US Securities and Exchange Commission in June 2022 for cheating on professional education courses to maintain its certified public accountant licensure.


Answered by
Jane Hunt Portrait
Jane Hunt
This question was answered on 18th July 2022

The Financial Reporting Council (FRC) is an independent regulator and independently decides whether an investigation should be commenced. The recent fine imposed by the Securities and Exchange Commission (SEC) on Ernst & Young (EY) in the United States relates to the conduct of EY and its audit professionals in the United States. The FRC is responsible for oversight of the qualification of external auditors in the UK and meets regularly with the SEC and also the Public Company Accounting and Oversight Board in the United States to discuss issues of common interest. The FRC has written to the seven largest UK audit firms about the impact of this issue and has published that letter on the FRC website on 13 July 2022.

Reticulating Splines