London | Britain’s accounting regulator has penalised EY £295,000 ($571,000) after the accounting firm breached a fee cap in relation to its client Evraz, the Russian steel company in which oligarch Roman Abramovich held the largest stake.
The Financial Reporting Council imposed a fine of just over £250,000 and costs of £45,000 on the big four firm after EY failed to adhere to the watchdog’s ethical standard rules for its 2021 audit of Evraz. EY also received non-financial sanctions, including a reprimand.
