Press release 25/06/25

Deloitte, PwC and EY fined for exam fraud, now under intensive supervision

The Public Company Accounting Oversight Board (PCAOB) fines Deloitte and PwC $ 3 million and EY $ 2.5 million for (dealing with) exam fraud. This is the final phase of the investigation into exam fraud at the Big 4 – KPMG was previously fined. The AFM and PCAOB work closely together: the firms are now under intensive supervision by the AFM and are responsible for conducting an in-depth investigation into the rootcauses and taking measures.

In short

Widespread involvement in exam fraud
Exam fraud among auditors is highly reprehensible
Exam fraud is a manifestation of a deeper problem
Deloitte, PwC and EY are under intensive supervision by the AFM

Widespread involvement in exam fraud

For at least 5 years, hundreds of professionals from Deloitte, PwC and EY cheated when taking exams, from employee to partner level. This involves, for example, sharing answers, receiving them without reporting them or taking tests together. These are exams that are partly also mandatory to maintain professional knowledge and skills for certification as an auditor.

Exam fraud among auditors is highly reprehensible

Hanzo van Beusekom, Member of the AFM Executive Board: 'High demands may be placed on the integrity of auditors. With their audit, auditors add assurance to the annual reports of companies. Investors can thus rely on the annual reports of that company. The credibility of auditors must be beyond doubt.'

Exam fraud is an manifestation of a deeper problem

Exam fraud is related to factors such as time pressure, commercial interests, the lack of direction and incorrect exemplary behaviour. Exams were a vulnerable spot in this system. Hanzo van Beusekom: 'Audit firms must close these and new vulnerabilities. This requires deep reflection on the structure of the sector and its own organisation, understanding of possible consequences of structural vulnerabilities, and the courage to take firm measures even if it goes against the short-term commercial interest.' The AFM sees that they are taking steps in this regard.

Deloitte, PwC and EY are under intensive supervision by the AFM

The AFM and the PCAOB work closely together. The PCAOB has sanctioned, the AFM looks ahead and focuses on the process after that. In determining the amount of the fine, the PCAOB took into account, among other things, the fact that all three firms have cooperated with the investigation, that they have already taken some measures and that they will be subject to intensive supervision by the AFM.