EY Switzerland, Grant Thornton Canada, Accell Audit and Compliance, Crowe MacKay Face Penalties

  • Ernst & Young’s Switzerland unit fined $45,000
  • Grant Thornton’s Canada unit fined $30,000
  • Accell Audit and Compliance fined $40,000
  • Crowe MacKay fined $30,000
  • All firms agreed to review compliance policies

The Public Company Accounting Oversight Board has fined four audit firms a combined $145,000 for violating rules related to communications with audit committees. Ernst & Young’s Switzerland unit was fined $45,000; Grant Thornton’s Canada unit $30,000; Accell Audit and Compliance $40,000; and Crowe MacKay $30,000. Grant Thornton and Crowe MacKay failed to document audit committee pre-approval of certain services, while Accell Audit didn’t communicate in writing all material weaknesses to a client’s audit committee. The firms neither admitted nor denied the board’s claims but agreed to review their related compliance policies. EY declined to comment, and Grant Thornton, Crowe MacKay, and Accell didn’t immediately respond to requests for comment.

Factuality Level: 8
Factuality Justification: The article provides accurate information about the fines imposed on four audit firms by the Public Company Accounting Oversight Board for violating communication rules with audit committees. It also mentions the specific amounts of fines and the reasons for each firm’s violation. The article is factual, objective, and does not include any irrelevant information or personal opinions.
Noise Level: 3
Noise Justification: The article provides relevant information about fines imposed on audit firms for violating communication rules with audit committees but lacks in-depth analysis or exploration of the consequences of these actions. It also does not offer any actionable insights or new knowledge for readers.
Public Companies: Ernst & Young (EY), Grant Thornton (GT)
Private Companies: Accell Audit and Compliance,Crowe MacKay
Key People: Mark Maurer (Author)

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Financial Relevance: Yes
Financial Markets Impacted: The audit firms mentioned in the article are financial companies that provide services to other businesses.
Financial Rating Justification: This article discusses fines imposed on four audit firms for violating rules related to their communications with audit committees, which can impact the accuracy and reliability of financial statements and audits. This is relevant to financial topics as it involves compliance and regulation in the financial sector.
Presence Of Extreme Event: No
Nature Of Extreme Event: No
Impact Rating Of The Extreme Event: No
Extreme Rating Justification: There is no extreme event mentioned in the text and it’s not the main topic.
Move Size: No market move size mentioned.
Sector: All
Direction: Neutral
Magnitude: Small
Affected Instruments: Stocks

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