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Ernst & Young to pay $10 million to settle US SEC audit-independence misconduct charges

( August 2, 2021, 19:28 GMT | Official Statement) -- MLex Summary: Ernst & Young has agreed to pay $10 million to settle US Securities and Exchange Commission charges that the firm violated audit-independence rules in pursuit of an auditing contract with Sealed Air package supply company. An EY partner, James Herring, and two former partners, James Young and Curt Fochtmann, agreed to pay a total of $90,000 and be suspended from practicing before the SEC for allegedly soliciting and receiving confidential information from Sealed Air’s then-chief accounting officer, William Stiehl, during the request-for-proposal process. Stiehl agreed to pay $51,000 and be suspended from appearing or practicing before the commission for allegedly withholding key information from Sealed Air’s audit committee and causing the company’s reporting violations.See statement below....

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