Accountancy

EY fined by audit watchdog for breaching fee cap

Big Four firm falls foul of rules designed to make sure audits are independent

EY must now give back the fees it earned that broke the limit
EY must now give back the fees it earned that broke the limit Photo: Aleksander Kalka/Getty Images

EY has been fined by regulators for breaching a cap on fees designed to minimise conflicts between audit and other services such as consulting.

Under UK regulations, firms can only charge a maximum of 70% of their average audit fees over the previous three years when providing non-audit services to large firms.

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