A string of multimillion dollar fines have already been issued to large auditing and accounting firms around the world over allegations of cheating in tests which underpin professional qualifications.
A letter from the Financial Reporting Council (FRC), Britain’s accounting and auditing industry regulator, said its investigation into the issue had already uncovered instances of cheating at audit firms and professional bodies. These were found in some tier-one auditors, a category comprising the so-called Big Four accountants, KPMG, PwC, Deloitte and EY, along with Mazars, Grant Thornton and BDO.
“The issues raised by exam cheating therefore remain live and the FRC’s consideration of them, and any further regulatory action needed in response to them, is ongoing,” the letter said, suggesting that companies could face fresh penalties. “The profession therefore needs to be vigilant and to seek to continually improve the processes and controls in place in this area. The profession must also strive to maintain a culture of integrity in which the highest standards of professional behaviour are upheld.”
Read more at The Guardian
