E&Y fined £40,000 over audit work

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.

Further reading:

the ICAEW’s website

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