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EY Indonesia firm settles $1 million action with PCAOB

Tammy Whitehouse | February 10, 2017

U.S. audit regulators have demonstrated their overseas reach and delivered a blow to an Indonesia firm affiliated with EY, extracting a $1 million settlement over charges of audit failure, noncooperation, and standards violations.

The Public Company Accounting Oversight Board says it learned through its inspection program of a failure in a 2011 audit of an Indonesian telecommunications company performed by EY affiliate KAP Purwantono, Suherman & Surja. The PCAOB also censured, fined and barred the engagement partner, who is no longer with the firm, and censured, fined and restricted a former professional practice director at the firm. With no admissions or denials of the allegations, the board says it also granted extraordinary cooperation credit to a member of the audit engagement team who assisted with the investigation.

The PCAOB says a U.S.-based EY partner... To get the full story, subscribe now.