Ernst & Young's Response on Staff Members' Dishonesty on CPA Ethics Evaluations

In response to staff members' dishonesty on CPA ethics evaluations and distorting inquiry, Ernst & Young will settle the case by paying a $100 million penalty
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In response to staff members' dishonesty on CPA ethics evaluations and distorting inquiry, Ernst & Young will settle the case by paying a $100 million penalty.
Introduction
• In response to staff members' cheating on CPA ethics examinations, Ernst & Young LLP (EY) has assented to pay the Securities and Exchange Commission (SEC) a $100 million propitiation.
• The controversy brings up moral concerns regarding the accounting industry.
The Commission on Securities and Exchanges indicted Ernst & Young LLP (EY) in 2022 for concealing evidence of its audit experts' exam cheating from the Enforcement Section of the SEC despite the fact the Division was handling the matter. The exams were compulsory to get and retain Certified Public Accountant (CPA) permits. EY complied to pay a $100 million fine, admit the facts backing up the SEC's assertions, and take extensive corrective action to manage the establishment's ethical challenges. The misconduct raises moral questions regarding the accounting field because EY auditors lied about the ethics section of CPA assessment and a number of CPE courses essential to keep CPA certificates current, plus those intended to confirm that accountants can correctly assess if consumers' financial records comply with the generally documented accounting directives (SEC, 2022). The essay will examine moral dilemmas and go over the scandal's ramifications.
The “Securities and Exchange Commission” (SEC) enacted a $100 million fine on  Ernst & Young (EY)  company for academic dishonesty on the CPA ethics test and misrepresenting the SEC inquiry. The ethical issues involved include ethics and integrity in the accounting profession, strong internal controls to prevent and detect fraud, and the importance of whistleblowers. The general public, investors, staff members of publicly traded corporations, and members of the accounting profession are among the stakeholders (SEC, 2022). Alternative actions include immediately notifying the SEC of the fraud, disciplining the employees involved, implementing new internal controls to stop fraud in the future, and offering full cooperation to the SEC investigation.
The SEC asserts that for many years, a major proportion of EY inspection authorities cheated in the ethics segment of CPA tests plus the CPE courses obligatory to keep CPA licenses current. EY falsely represented to the Enforcement Division that it did not currently have issues with dishonesty during the Division's inquiry into possible cheating at the company. Despite being aware of possible cheating on a CPA ethics...