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.
2025-10-28T21:11:00Z By Adrianne Appel
Senate Democrats warned OMB Director Russell Vought Tuesday that it would be illegal for the Trump administration to shut down the Consumer Financial Protection Bureau, citing a recent court decision barring actions that could severely harm the agency.
2025-10-23T20:36:00Z By Jaclyn Jaeger
It has been nearly six months now since the Department of Justice’s (DOJ) Criminal Division released its memorandum on the selection of compliance monitors. This article provides a critical analysis of the monitorships that received early terminations, those that remain in place, and the broader compliance lessons they impart.
2025-10-23T20:07:00Z By Oscar Gonzalez
The founder of crypto exchange Binance, Changpeng Zhao, received a pardon from President Donald Trump. This pardon comes almost two years after Zhao signed a plea agreement and was sentenced to a four-month prison sentence.
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