One company that failed to adopt or maintain high-quality financial reporting policies is Ernst & Young. The auditing giant was fined $100 million in 2022 when the Securities and Exchange Commission(SEC) found that hundreds of the firms' auditors had cheated on various ethics exams they were obligated to obtain or maintain. Instead of disclosing its findings after an internal tip, the firm chose to withhold information and mislead investigators about the ethics problem (Goldstein, 2022).

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