The U.K.’s audit and accounting regulator is intensifying its scrutiny of big audit firms and what they are doing to prevent cheating on professional exams
, a move that comes after the U.S. Securities and Exchange Commission in late JuneThe Financial Reporting Council in a July 5 letter said it is “deeply concerned” about audit professionals cheating on external professional exams and internal assessments.The Morning Ledger provides daily news and insights on corporate finance from the CFO Journal team.
“The FRC is deeply concerned about these events and the potential impact on U.K. audit firms,” Sarah Rapson, the FRC’s executive director for supervision, said in the letter. The exam misconduct has “clear implications” for compliance with professional standards that call on audit firms and professionals to act with integrity, she added.
The SEC last month charged EY for cheating by some auditors on required ethics exams. EY admitted that over multiple years, a “significant number” of audit professionals cheated on the ethics component of Certified Public Accountant exams and on continuing professional education courses, according to the SEC. The firm also acknowledged that it had failed to report test-related misbehavior when asked by regulators.
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