EY to pay $100mn to settle US charges of staff cheating on accountant exams

Big Four accounting firm Ernst & Young will pay $100 million to settle U.S. Securities and Exchange Commission (SEC) charges that its auditors cheated on certified public accounting (CPA) exams and that it misled the agency's investigators.

The London-based auditor admitted to the charges and agreed to pay what the SEC said is its largest fine against an auditor.

"EY acknowledges the findings determined by the SEC," said Brendan Mullin, EY media relations director, adding that the firm's response has been "thorough, extensive and effective." "At EY, nothing is more important than our integrity and our ethics."

The CPA is the key qualification