External EY
Who is the new CEO of EY?
Who is Janet Truncale, July 2024
What is the name of the accounting scandal that happened in 2001?
What is Enron
An SEC investigation found CEO Jeff Skillings and former CEO Ken Lay had manipulated the company's financials and pressured its auditing firm, Arthur Andersen, into turning a blind eye.
CIA
Certified Internal Auditor
EY's Purpose
Building a better working world
Who is very influential in deterring the control environment and influencing it?
Management
What are the names of the two founders of Ernst and Young?
What is Arthur Young and Alwin C. Ernst
What was the regulation that was created because of the Enron Scandal?
What is the Sarbanes-Oxley Act
GAAP
What is Generally Accepted Accounting Principles
The most common hotel brand stayed at by consultants
Marriott
What type of control attempts to stop an unwanted outcome before it happens?
Preventative controls
In what year did EY change their brand from Ernst and Young to using the abbreviation EY?
What is 2013
How many Big 4 have had independence scandals?
All of them
PwC - reported 129 violations in 2022, affecting 74 clients
Deloitte - reported 129 violations in 2022, and 107 in 2023, affecting 78 clients
EY - Found independence issues in 3% of its 2022 audits
KPMG - identified 24 instances in 2022, and 219 violations in 2023, affecting 19 and 97 issuers, respectively
GASB
What is Governmental Accounting Standards Board?
The program that allows sophomores to intern with EY
LAUNCH
A component of fraud triangle that refers to circumstances that allow fraud to occur.
Opportunity
When was EY founded?
1989
This stockbroker's Ponzi scheme was one of the most publicized financial scandals.
Bernie Madoff
An American stockbroker, masterminded the biggest Ponzi scheme in history, defrauding investors of $64.8 billion.
FASB
What is Financial Accounting Standards Board
The location of EY's global headquarters
London, United Kingdom
This component of internal control helps assess the quality of performance over time.
Monitoring
Which EY service line brings in the most revenue?
Revenue Generator: Consulting
Second highest: Assurance
In 2002, Dennis Kozlowski and Mark Swartz–the CEO and CFO were discovered to have embezzled over $150 million and overstated its earnings by $500 million of which company?
Tyco
GASAC
What is Governmental Accounting Standards Advisory Council?
How many countries is EY located in?
>150 countries
(over 700 locations within)
This is the component of internal control that provides a foundation for an effective internal control structure.
Control Environment