SEC Warns Auditors To Keep Things Strictly Professional

Law360, New York (September 19, 2016, 10:51 PM EDT) -- In reaching more than $9 million in settlements with Ernst & Young on Monday, the U.S. Securities and Exchange Commission is sending a stern reminder that cozy relationships between audit partners and clients are off the table, while also demonstrating that its focus on accounting isn’t limited to the content of financial reports, experts said.

The SEC said the case is the first auditor independence action the agency has brought over close personal relationships between auditors and client personnel. (AP) Ernst & Young LLP agreed to pay a total of $9.3 million in two separate enforcement actions, without admitting or denying...

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