“To be ethical in a profession, a person needs to be both competent and honest. It is unethical to act dishonestly, and that is particularly evident when it is for personal gain. But it is also unethical to project competence, or to pretend to know something professionally, when in fact you do not.”

** From the Editor: “How to Lose a Profession” is a sobering essay on the value of integrity and having moral courage when integrity is lacking. In the interest of integrity and morality, read the full article before you react. **

In recent days, the Securities and Exchange Commission announced that they were fining Big 4 accounting firm KPMG $50 million for systematically stealing the PCAOB inspection lists for the years 2015-2017 to know in advance which of their audits would be inspected. All but one of the partners or managing directors involved have entered guilty pleas or been convicted, so the announcement was no surprise. In fact, the $50 million penalty seems relatively modest in light of the charges.

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