The U.K.’s accounting watchdog Wednesday ordered Ernst & Young to pay a reduced penalty of £2.2 million (U.S. $3 million) related to its audits of international transport company Stagecoach Group for the 2017 financial year. A former EY audit engagement partner was also fined.

Jaclyn Jaeger is a freelance contributor to Compliance Week after working for the company for 15 years. She writes on a wide variety of topics, including ethics and compliance, risk management, legal,...