Cheating on the ETHICS portion of the CPA and Continuing Ed tests?
From Going Concern:
Well this is bad.
From the SEC news release:
The SEC has fined EY a record $100 million after an investigation revealed auditors at EY were cheating on ethics exams (open book ethics exams we presume) and CPE; worse than cheating alone, they actively tried to cover it up and hide the cheating from the SEC.The Securities and Exchange Commission today charged Ernst & Young LLP (EY) for cheating by its audit professionals on exams required to obtain and maintain Certified Public Accountant (CPA) licenses, and for withholding evidence of this misconduct from the SEC’s Enforcement Division during the Division’s investigation of the matter. EY admits the facts underlying the SEC’s charges and agrees to pay a $100 million penalty and undertake extensive remedial measures to fix the firm’s ethical issues.
“This action involves breaches of trust by gatekeepers within the gatekeeper entrusted to audit many of our Nation’s public companies. It’s simply outrageous that the very professionals responsible for catching cheating by clients cheated on ethics exams of all things,” said Gurbir S. Grewal, Director of the SEC’s Enforcement Division....
....MUCH MORE, it gets worse
Also at Going Concern:
Would Whoever Is Leaving Accounting Textbooks in the Little Free Library Please Stop Immediately?If interested Wharton's Francine McKenna also weighs in (on EY, not the Little Free Library), with a series of tweets that touch on the gov/private sector revolving door aspect of the accountants and the lawyers and the regulators.
