Unit 6 | You can't make this up! "Ernst & Young to Pay $100 Million Penalty for Employees Cheating on CPA Ethics Exams and Misleading Investigation"

This action involves breaches of trust by gatekeepers within the gatekeeper entrusted to audit many of our Nations public companies. Its 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 SECs Enforcement Division. And its equally shocking that Ernst & Young hindered our investigation of this misconduct. This action should serve as a clear message that the SEC will not tolerate integrity failures by independent auditors who choose the easier wrong over the harder right.

Read More: https://www.sec.gov/news/press-release/2022-114Links to an external site.

Required: Please comment by responding to the following questions?

What does it say about a profession that has to cheat on an ethics test? What does this case mean for how the market will view the role of auditors?