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EY Independence Lapses Noted in Expanded US Audit Inspection (1)

Oct. 17, 2022, 4:29 PMUpdated: Oct. 17, 2022, 6:44 PM

Ernst & Young LLP partners and staffers failed to report their personal financial relationships as needed to meet the firm’s independence policies, according to newly released details included in the firm’s 2018 regulatory inspection.

EY failed to timely address the lapses, which were specified in what is normally a redacted review of internal policies and safeguards meant to ensure effective audits that meet US audit standards. The Public Company Accounting Oversight Board released the fresh details Monday, more than two years after the inspection results were first made public.

EY has more work to do, the firm said ...