By Adrianne Appel2024-08-08T17:06:00
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.
EY breached FRC standards by exceeding the 70 percent cap on fees for non-audit services, but the agency acknowledged the breach was not intentional or dishonest. This along with admissions and early settlement earned the firm a 35 percent discount.
2024-07-19T13:28:00Z By Neil Hodge
Within two weeks of gaining power, the U.K.’s newly elected Labor government has confirmed its intention to beef up the audit regulator and strengthen corporate governance.
2024-05-14T16:30:00Z By Jeff Dale
Crowe U.K. was assessed a penalty of £144,000 (U.S. $181,000) by the U.K. Financial Reporting Council for failures in its audit of Aseana Properties Limited’s financial statements for the year ended Dec. 31, 2019.
2024-05-07T18:58:00Z By Kyle Brasseur
Big Four firms PwC and EY were each penalized by the Financial Reporting Council for alleged shortcomings during their respective audits at collapsed investment firm London Capital & Finance.
2025-10-08T18:28:00Z By Adrianne Appel
Charlie Javice, a former CEO who duped JPMorgan Chase into purchasing her start up company for $175 million, has been ordered to forfeit more than $22 million by the Department of Justice (DOJ) and to spend 7 years in jail.
2025-10-07T16:08:00Z By Adrianne Appel
Georgia Tech Research Corp. (GTRC) has agreed to pay $875,000 to settle allegations first raised by two compliance officers that its cybersecurity protocols violated acceptable standards for defense contractors, the Department of Justice (DOJ) said.
2025-10-06T17:12:00Z By Adrianne Appel
Tractor Supply Company has agreed to get into compliance with California’s consumer privacy law and to pay a $1.35 million fine—the largest yet by California—to settle allegations it violated the privacy rights of customers and job applicants.
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