Ruling on Friday, chief administrative law judge for the US Securities and Exchange Commission, Brenda Murray imposed a six month ban on accepting new audit clients on accounting firm Ernst & Young, in addition to ordering it to pay a $1.7 million fine.
The accounting firm stood accused of violating auditor independence rules by working too closely on a software project with one of its audit clients, business software manufacturer, PeopleSoft.
In a statement released following the ruling, E&Y announced that it is "fully committed to working closely with an outside consultant" to review its auditor independence rules, and added that:
"While the order will prevent us from accepting new public company audits for the next six months, it will not impair our ability to continue to serve our existing public company audit clients, accept new audit work from privately held companies, or to accept non-audit work from public companies we do not audit."
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