Accounting giant Ernst & Young admits its employees cheated on ethics exams

Ernst & Young, one of the "big four" accounting firms, was fined $100 million by the SEC. (Gabriel Bouys/AFP via Getty Images)

Ernst & Young, one of the top accounting firms in the world, is being fined $100 million by federal regulators after admitting its employees cheated on their ethics exams.

For years, the firm's auditors had cheated to pass key exams that are needed for certified public accountant licenses, the Securities and Exchange Commission found. Ernst & Young also had internal reports about the cheating but didn't disclose the wrongdoing to regulators during the investigation.