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E&Y to pay $9.3 million for auditor independence breaches

( September 19, 2016, 16:01 GMT | Official Statement) -- MLex Summary: Ernst & Young agreed to pay $9.3 million to settle charges that two audit partners got overly close with their clients, violating auditor independence rules, the US Securities and Exchange Commission said. Audit partner Pamela Hartford became romantically involved with a financial executive for a company under audit by her engagement team. Her supervisor, another E&Y partner named Michael Kamienski, learned of suggestions about the relationship yet failed to raise concerns, the SEC said. Separately, the senior E&Y partner on an engagement team, Gregory Bednar, repeatedly stayed overnight at the home of the chief financial officer of a company being audited. Some E&Y partners became aware of Bednar’s excessive entertainment spending for the CFO’s son but took no action, the SEC said.Statement follows in full. Also see document below. ...

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