The Public Company Accounting Oversight Board (PCAOB) on Wednesday fined two EY partners for “failing to perform adequate procedures and obtain sufficient evidence concerning certain significant unusual transactions” in connection with the Big Four firm’s audit of a New Jersey software company.

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,...