On 14 July 2014, the Securities and Exchange Commission (“SEC”) charged Ernst & Young LLP with violations of auditor independence rules that require firms to maintain their objectivity and impartiality with clients. Under the SEC enforcement order, Ernst & Young provided prohibited legislative advisory services on behalf of two audit clients while representing that it was an “independent” auditor in audit reports issued on the clients’ financial statements. The enforcement order further provides that Ernst & Young will pay more than $4 million to settle the charges.

The full text of the SEC enforcement order is available at:

http://www.sec.gov/litigation/admin/2014/34-72602.pdf.