The Financial Reporting Council (FRC) ordered Ernst & Young UK (EY) to pay 296,000 pounds (U.S. $376,000) over the firm’s 2021 audit of Russia mining group Evraz.
EY conducted a statutory audit for the year ending Dec. 31, 2021, that breached the FRC’s Revised Ethical Standard 2019, the agency announced in a press release Wednesday. EY will pay about £121,00 (U.S. $154,000) in disgorgement, £130,000 (U.S. $165,000) in civil penalties, and £45,000 (U.S. $57,000) in legal costs, according the final notice.
