Ernst & Young LLP was founded in 1894 and its located in New York, New York with additional offices in the United States, Middle East, Australia, Europe, and Asia. It specializes in providing auditing, assurance, technology and security risk, enterprise risk management, transaction support, merger, and acquisition, actuarial and real estate advisory services as well as many other services. The company the company in the scandal was Weatherford International is one of the biggest multinational oil and natural gas service companies. It provides varies services and products such as for drilling, evaluation, completion, production and intervention of oil and natural gas wells.
The scandal on Ernst & Young LLP, it involved the violations of federal security laws and unprofessional conduct. According to records Ernst & Young LLP served as a tax partner, external auditor, and coordinating partner for Weatherford International a company who issued false financial statements. For the 2007 through 2010 the statement showed an inflation in its …show more content…
Fronckiewicz (50) and Sarah E. Adams (52). Fronckiewicz was the coordination partner who oversaw the financial statement for Weatherford International, he also was a licensed Certified Public Accountant (CPA). On the other hand Adams was the tax partner who reviewed the work made by the tax professional on the audit, she was also a CPA. Both of the CPA’s failed to follow a procedure that is required by the Public Accounting Oversight Board (PCAOB). They were not doing there job according to standards. Which would have prevent further issues when auditing Weatherford. As records indicate Fronckiewicz and Adams as well as the team itself had been aware of the post closing adjustments every year. If they had simply followed procedures accordingly to the law the whole strategy Weatherford had would have been caught and exposed since the first-year audit by Ernst & Young on
The scandal on Ernst & Young LLP, it involved the violations of federal security laws and unprofessional conduct. According to records Ernst & Young LLP served as a tax partner, external auditor, and coordinating partner for Weatherford International a company who issued false financial statements. For the 2007 through 2010 the statement showed an inflation in its …show more content…
Fronckiewicz (50) and Sarah E. Adams (52). Fronckiewicz was the coordination partner who oversaw the financial statement for Weatherford International, he also was a licensed Certified Public Accountant (CPA). On the other hand Adams was the tax partner who reviewed the work made by the tax professional on the audit, she was also a CPA. Both of the CPA’s failed to follow a procedure that is required by the Public Accounting Oversight Board (PCAOB). They were not doing there job according to standards. Which would have prevent further issues when auditing Weatherford. As records indicate Fronckiewicz and Adams as well as the team itself had been aware of the post closing adjustments every year. If they had simply followed procedures accordingly to the law the whole strategy Weatherford had would have been caught and exposed since the first-year audit by Ernst & Young on