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Post by bot on Jul 14, 2014 16:02:32 GMT -5
WASHINGTON (MarketWatch) -- The Securities and Exchange Commission charged Ernst & Young on Monday with breaking auditor independence rules. The SEC said a subsidiary of the company lobbied congressional staff of behalf of two audit clients. Such lobbying activities are prohibited since they put the firm in the position of being an advocate for audit clients. Ernst & Young agreed to pay more than $4 million to settle the charges. No lawmaker was named by the SEC.
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