If It Isn’t Fraud, Then It’s Ethical Cruella DeVil is the chief financial officer (CFO) of a local publicly-traded company. Cruella was recently invited to speak to accounting students at the local university. One of the students asked Cruella whether she thought earnings management was ethical. Cruella laughed and responded that her view was that anything that was not explicitly prohibited by the accounting standards or by government regulations was ethical. What do you think of Cruella’s opinion?