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.
2025-08-28T18:44:00Z By Adrianne Appel
The Trump administration has intensified its fight with California as the DOJ launched an investigation into whether the state’s environmental agency is violating federal law by pursuing racial equity.
2025-08-27T14:11:00Z By Adrianne Appel and Oscar Gonzalez
Synapse Financial Technologies, the troubled California fintech software provider, has agreed to let the Consumer Financial Protection Bureau (CFPB) eventually file a claim on its bankrupt estate.
2025-08-25T20:49:00Z By Adrianne Appel
JPMorgan Chase has agreed to pay $330 million to settle allegations about its role in the massive, decades-long theft of Malaysian’s 1MDB state investment fund, the bank says. An estimated $4.5 billion was robbed from the 1MDB fund, from 2009-2014, in a scheme led by Malaysian financier, Jho Low, former ...
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