Big Four accountancy firm EY has agreed to pay $9.3 million to America’s Securities and Exchange Commission (SEC) to settle charges accusing two partners of engaging in personal relationships with their clients.

In the first case of its kind, the government commission found the two auditors guilty of violating their responsibilities to maintain their objectivity and impartiality during audits. For its role in misstating the firm’s independence as an auditor, EY is expected to pay the charges.

Andrew J. Ceresney, director of the SEC’s division of enforcement who worked on the case, said that EY “did n...