Civil Plaintiff
Ernst & Young Will Pay Over $10 Million to Settle SEC Allegations
Accounting firm Ernst & Young LLP, a partner and two former employees agreed to pay more than $10 million to settle U.S. Securities and Exchange Commission charges they violated auditor independence rules, the agency said on Monday.
Ernst & Young, partner James Herring and former partners James Young and Curt Fochtmann interfered with a public company’s selection of an auditor threatening their ability to remain objective and impartial as auditors, the SEC said.
The agency brought related charges against William Stiehl, previously chief accounting officer at the company which the SEC did not name, for his misconduct in the selection process, known as a request for proposal process.
