Dutch Authority for the Financial Markets (AFM) · Netherlands

Ernst & Young Accountants LLP: fine by Dutch Authority for the Financial Markets (AFM)

Audit or matter: Four statutory audit clients, unnamed by the AFM

What the regulator found

The AFM found that EY performed four statutory audits while other services were provided to the same clients within the EY network at the same time, which it said jeopardised EY's independence, in periods between June 2015 and March 2017. The AFM noted EY's constructive attitude, improvements to internal procedures and refund of a significant part of the non audit earnings to the affected clients.¹

Status: Fine imposed, no objection or appeal shown on the AFM page¹

Sources

1. Dutch Authority for the Financial Markets (AFM), AFM imposes a fine on audit firm EY in connection with a violation of independence rules (25 October 2018)