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Ernst & Young cheated on the ethics section of the Certified Public Accountant exam and withheld evidence of the behavior from regulators, according to the Securities and Exchange Commission. The SEC has fined EY $100 million — the largest penalty ever for an accounting firm — the agency announced on Tuesday. Beyond breaking accounting rules, the company "hindered" the agency's probe of the misconduct by withholding information from the SEC, the regulator stated. "It's simply outrageous that the very professionals responsible for catching cheating by clients cheated on ethics exams," Gurbir Grewal, director of the SEC's enforcement division, said in...

Ernst & Young, one of the top accounting firms in the world, is being fined $100 million by federal regulators after admitting its employees cheated on their ethics exams. For years, the firm's auditors had cheated to pass key exams that are needed for certified public accountant licenses, the Securities and Exchange Commission found. Ernst & Young also had internal reports about the cheating but didn't disclose the wrongdoing to regulators during the investigation. "It's simply outrageous that the very professionals responsible for catching cheating by clients cheated on ethics exams of all things," Gurbir S. Grewal, director of the...

To: All Freepers who own shares of publicly-traded companies. Action: Vote your shares against the retention or re-election of Ernst & Young as auditors. This is easy and it takes very little time using proxyvote.com. Background: James Turley, the CEO of Ernst & Young, a London-based international accounting firm, is on the National Executive Board of the Boy Scouts of America. In a statement issued by Ernst and Young, Turley said that he will work from within the Boy Scouts as a national board member to help change scouting policies so that they allow homosexuals to be scout leaders. After...

Accounting firm Ernst & Young was sued by New York state prosecutors Tuesday, accused of helping to hide financial risks at Lehman Brothers Holdings Inc before the Wall Street firm's 2008 collapse. The civil fraud case seeks $150 million in fees that the accounting firm collected, New York Attorney General Andrew Cuomo said in a statement. The lawsuit also seeks investor damages and other relief in what is one of the biggest government cases involving an accounting firm since Arthur Andersen was criminally indicted in 2002 over the Enron scandal. Ernst & Young was Lehman's outside auditor from 2001 until...

LEV L. DASSIN, the Acting United States Attorney for the Southern District of New York, announced that former Ernst & Young, LLP, ("E&Y") partner JAMES GANSMAN was found guilty today, following a two-week jury trial, of six counts relating to insider trading based on confidential information he obtained from E&Y. As established by the evidence at trial before United States District Judge MIRIAM GOLDMAN CEDARBAUM: As a partner at E&Y, GANSMAN had access to confidential firm information about several merger and acquisition transactions involving E&Y clients. GANSMAN passed the inside information to another person—investment banker DONNA MURDOCH—who traded on the...

Exclusive Ernst and Young should go ahead and pony up for its own suite of transparency services. The accounting firm has failed to disclose a high profile loss of customer data after being confronted by The Register. Ernst and Young has lost a laptop containing data such as the social security numbers of its customers. One of the people affected by the data loss appears to be Sun Microsystems CEO Scott McNealy, who was notified that his social security number and personal information have been compromised. While pushing all out transparency for its customers, Ernst and Young failed to...

You have to admire the resilience of the United Nations. In theory, the U.N.'s Oil-for-Food relief program for Iraq, which ran from 1996-2003, is now the subject of at least five investigations into billions worth of alleged fraud and corruption. In practice, however, while U.N. Secretary-General Kofi Annan dismisses well-founded allegations as "outrageous," and President George W. Bush chalks out a big new role for the U.N. in Iraq, it is the investigators themselves who are now largely stalled, stymied, carefully contained, or even attacked. The attacks have not been limited to the U.S.-led armed raid last Thursday on the...

An investigation into the biggest corruption scandal in the history of the United Nations is being hampered by the US-led administration in Iraq, according to congressmen and officials in Baghdad. Serious reservations have been raised over the appointment of auditors Ernst & Young to investigate the disappearance of billions of pounds under the UN oil-for-food programme

WASHINGTON - The U.S.-backed investigation into alleged abuses of the United Nations' Oil for Food program in Iraq has already collected more than 20,000 files from Saddam Hussein's old regime and hired an American accounting firm to conduct the review. Documents obtained by The Associated Press show the U.S.-backed, Iraqi-run Board of Supreme Audit selected the Ernst & Young firm this week to oversee the audit of the documents gathered from at least 16 former ministries of Saddam's government. The U.S.-led Coalition Provisional Authority also is trying to head off a separate investigation launched by former Iraqi dissident Ahmad Chalabi,...

<p>The California Public Employees Retirement System announced today that it plans to vote against five AOL Time Warner directors up for re-election.</p> <p>CalPERS, the nation's largest pension fund, also said it will vote against ratifying the company's current auditor, Ernst & Young. According to CalPERS' web site, it will not vote for the auditor because the firm has performed ``non-audit'' services for AOL Time Warner.</p>