By Mark Maurer


The Public Company Accounting Oversight Board on Thursday said it sanctioned a partner at Ernst & Young's Canada unit for failing to adequately evaluate a key estimate related to customer receivables reported by Canadian energy company Just Energy Group Inc.

Martin Lundie, who is set to retire from EY at the end of the month, served as the lead auditor on Just Energy's 2019 audit.

Mr. Lundie also failed to obtain adequate support for assumptions used in his evaluation of the estimate, the U.S. auditing watchdog said.

The PCAOB said it fined Mr. Lundie $65,000 and barred him from associating with a registered firm with the right to reapply after one year.

Mr. Lundie didn't admit or deny the PCAOB's findings, the regulator said. Neither EY nor Lundie immediately responded to a request for comment.


Write to Mark Maurer at mark.maurer@wsj.com


(END) Dow Jones Newswires

12-22-22 1413ET