Question

Ernst & Young The Securities and Exchange Commission determined that Ernst & Young violated accounting rules in its audit of Cendant. 6 According to SEC records, Ernst & Young proposed a "value bank" that gave Cendant a reduction in audit fees in return for consulting work.
a. Does this arrangement violate the professional code of conduct? Explain the violation.
b. Why did Ernst & Young engage in this behavior if it violates the accounting rules?



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  • CreatedJanuary 22, 2015
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