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Comment: Ernst & Young just latest Big Four firm to pay US SEC audit-independence fine

By Neil Roland ( August 2, 2021, 22:04 GMT | Comment) -- Ernst & Young’s $10 million penalty levied today by the US Securities and Exchange Commission is the accounting firm’s second major fine for audit-independence misconduct in the last five years, but the abuse seems to be industry-wide. Although EY’s $9.3 million penalty in 2016 is the second largest among the Big Four in recent years,  each of the others — PwC, KPMG and Deloitte & Touche — also has been slapped with fines of at least $1 million for the same type of violation since 2014.Ernst & Young’s $10 million penalty today by the US Securities and Exchange Commission is the accounting firm’s second major fine for audit-independence misconduct in the last five years, but the abuse seems to be industry-wide....

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