Pious dissections of the SEC’s record-setting $ 100 million fine levied this summer against EY for widespread staff cheating on ethics and other exams, and the firm’s delays and mis-directions in its regulatory reporting, have missed three points:
- They did it because they could, and had their reasons.
- The reasons evaded the understanding and best intentions of leadership, so compliance efforts were bound to fall short.
- Those reasons are based on pervasive human characteristics, shared by members of the accounting profession with the general population.
‘Enforcement 40’ for 2020
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