E&Y fined £40,000 over audit work
Ernst & Young agrees to a consent order and fine over two audits
Ernst & Young has
been fined £40,000 for issuing two audits without obtaining sufficient evidence
on which to base their unqualified audit decisions.
The ICAEW fined the firm and ordered it to pay costs of £17,020 for issuing
audit opinions on company X for its year ends 31 December 2000 and 2001without
sufficient appropriate evidence.
The firm agreed to the decision as part of a consent order.