- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Kyle Brasseur2022-02-25T16:41:00
The Canadian affiliate of Big Four audit firm PwC has agreed to pay $950,000 in penalties between audit regulators in the United States and Canada after discovering widespread cheating among employees taking internal exams.
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Recent penalties against Big Four audit firms KPMG, PwC, and EY over allegations of widespread exam cheating have raised concerns prompting regulators to investigate the extent of the practice.
It is impossible to ignore the SEC’s $100 million fine against EY for employee exam cheating is double the amount the regulator penalized KPMG for its separate cheating scandal. Especially since the latter resolution appears to have served as a starting point for the SEC’s ruling on the former.
Ernst & Young will pay $100 million after admitting to SEC charges addressing systematic cheating among its accounting professionals on CPA license exams over four years. The fine is the largest the agency has ever imposed against an audit firm.
Block, the owner of Cash App and Square, will pay $175 million to settle allegations that its lax consumer protection practices put customers at high risk of fraud, the Consumer Financial Protection Bureau said.
Two large data brokers, Mobilewalla and Gravy Analytics, collected billions of records containing sensitive geolocation and personal data of millions of people, and then sold it without their consent, the Federal Trade Commission said.
Cannabis hedge fund Navy Capital Green Management agreed to pay $150,000 to settle charges levied by the Securirties and Exchange Commission that the firm misled investors about its AML/CFT policies and allowed a sanctioned Russian oligarch to invest.
