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Auditing and Assurance Services 1st Edition by Iris Stuart
Edition 1ISBN: 978-0073404004Auditing and Assurance Services 1st Edition by Iris Stuart
Edition 1ISBN: 978-0073404004 Exercise 17
Ernst Young
The Securities and Exchange Commission determined that Ernst Young violated accounting rules in its audit of Cendant. 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
The Securities and Exchange Commission determined that Ernst Young violated accounting rules in its audit of Cendant. 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
Explanation
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Accounting:
Accounting is the process o...
Auditing and Assurance Services 1st Edition by Iris Stuart
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