Accountancy firms Deloitte, PWC and EY are fined for millions of exam fraud. The American regulator PCAOB has imposed a fine of $ 2.5 million (around 2.15 million euros) Deloitte and PWC on a fine of 3 million dollars (around 2.6 million euros).
According to the Netherlands Authority for the Financial Markets (AFM), which worked closely with the American watchdog, hundreds of employees of Deloitte, PWC and EY have committed fraud for five years when taking exams.
For example, it concerns sharing answers, receiving answers without reporting or making testing together. Earlier, industry colleague KPMG Nederland already received a fine of $ 25 million, around 21.5 million euros for similar fraud.
“The integrity of accountants may be set for high demands. With their audit, accountants add trust to the figures of companies,” says AFM board member Hanzo van Beusekom.
“Investors can rely on the annual reports of those companies with more certainty. The credibility of accountants must be excluded.”
Accounting firms Deloitte, PWC and Ey Have Been Pinced Millions for Exam Frud. The American Regulator PCAOB HAS Imposed a fine of 3 Million Dollars (Approximately 2.6 Million Euros) on Deloitte and PWC and a fine of 2.5 Million Dollars (Approximately 2.15 Million Euros) on Ey.
Accordance to the Dutch Authority for the Financial Markets (AFM), which Worked Closely with the American Watchdog, Hundreds of Employees of Deloitte, PWC and EY Committed Fraud For Five Years While Taking Exams.
This Includes, For Example, Sharing Answers, Receiving Answers Without Reporting IT, or Taking Tests Together. Previously, Industry Peer KPMG Netherlands had Already Received a Fine of 25 Million Dollars, Approximately 21.5 Million Euros, for Similar Fraud.
“High Demands must be placed on the integrity of accountants. Accountants Add Confidence to the Figures of Companies with Their Audit,” Says AFM Board Member Hanzo van Beusekom.
“Investors can thus rely with more certainty on the annual reports of those companies. The credibility of accountants must be beyond doubt.”