Research the Internet or Strayer Library for examples from the past two years of litigation, censures, and fines involving national public accounting firms, such as fines by regulatory authorities and...

Running Head: ACCOUNTING        1
ACCOUNTING         6
ACCOUNTING
EXAMPLE OF LITIGATION, CENSURES, AND FINES INVOLVING NATIONAL PUBLIC ACCOUNTING FIRMS
Table of Contents
Introduction    3
1. Key Accounting Issues, which Led to Censure and Its Impacts on the Company with Rationale    3
2. Corporate Ethics Inferences Drawn about Internal Controls and Accounting Principles Related to Cited Censure    4
3. Primary Ethical Standards of Company's Leadership and Values Leading to Cited Censure    4
4. Conduct Violations of the Cited Company, as Latest Professional Code of Conduct for Independent Auditors and Management Accountants Supporting Actions against Company    5
5. Recommendation, with Rationale, to Prevent Similar Violations    5
Conclusion    5
References    6
Introduction
Accounting firms have to be very careful in their actions, which they undertake to analyze the business accounts of the client companies, assess the finances of the latter and provide suitable suggestions to them in order to facilitate their smooth operations. The moment they violate such norms, regulatory bodies and professional societies impose fines or censures on them, thus, leaving on a negative impression about those accounting firms.
1. Key Accounting Issues, which Led to Censure and Its Impacts on the Company with Rationale
In the present assignment, the famous accounting firm of US, Ernst & Young (E&Y) has been chosen. E&Y stands amongst the big four accounting firms of US and it provides accounting solutions to various firms and conducts accounting audits for them. The accounting issue that has been encountered with this firm is that a significant number of firms, audited by E&Y have shown to have faced scandals recently (Kowsmann, Maurer & Yang, 2020). The causes for these scandals have been varied. However, the key reason or foundation to these problems has been identified largely to be the association of these companies with E&Y.
Ernst & Young has been using traditional auditing practices for conducting audits, has been suffering from lower fee payment by its clients and has been...