WASHINGTON AP – Federal regulators censured accounting firm Ernst & Young LLP on Monday and ordered it to pay $1.6 million to settle charges of compromising its independence and contributing to faulty accounting by a client in 2001.
Ernst & Young agreed to pay restitution and interest, and to be censured, in connection with its audit work for Pittsburgh-based PNC Financial Services Group, a large regional bank company. The Big Four accounting firm neither admitted nor denied the allegations by the Securities and Exchange Commission, the agency said.
