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Finance and Accounting - Case Study Example

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Finance and Accounting

On the other hand, other business majors such as marketing and management majors have a wider impact. Other business majors are not just responsible for the shareholders of the company but to all the stakeholders of the company and the society/community in which the company operates. Therefore, it would be wrong to say that one business major has a greater responsibility than another to behave ethically. They all are required to equally behave ethically under all circumstances. Case 4.5 – Wiley Jackson There are only 2 decision alternative available: one is to mention what had happened in detail and the second would be to answer it as a ‘no’ and hide the fact and hope that the charge would be expunged from the record before anybody could know. I would choose the first decision and mention in detail what had happened at the party and how it does not showcase my true personality and ethics. The second alternative is too risky and cannot be considered. Another factor adding to this is that Sally Jones from the company was also present at the party and was aware of what had happened. The first decision is the right thing to do and I am confident that the management at company will understand that the criminal charge was result of chance and in no ways is related to my character or work ethic. Case 4.7 – David Quinn “Client Confidentiality” in the context of a CPA’s ethical responsibilities means that an organization or an individual from the organization will not reveal any information about their client to a third party without the client’s consent. Only instance where the information can be revealed is when there is a clear legal reason. Yes, David violated the accounting profession’s client confidentiality rule as he disclosed personal information with respect to his client to his friends who were in no way related to the client or his company. The information which was shared with David was for the purpose of his job (accounting) and was confidential information. He had no authority or reason to disclose this information to his friends. This is unethical behaviour on part of David is in clear violation of accounting profession’s client confidentiality rule. Case 6.1 – Leigh Ann Walker Yes, one can fulfil the responsibilities of a professional role while lacking personal integrity. Fulfilling a professional role does not always require personal integrity as an individual who is committed, knowledgeable and has the skills required by the job can fulfil the responsibilities. But such an individual will only be able to do an average job. To be exceptional at a professional role an individual must be able to take personal responsibility and think and act appropriately. This cannot be accomplished by an individual who lacks personal integrity. In the case of Walker, she can be expected to fulfil the responsibilities of her professional role in normal circumstance but in really challenging situations where there are conflicts of interest, then her ability is questioned. Therefore, it is possible that an individual lacking personal integrity can fulfil the responsibilities of a professional role but will not be able to an exceptional job at it. Case 6.4 – Tommy O’Connell The roles and responsibilities of a staff accountant and audit senior are very different from each other. ...Show more

Summary

(Professor) (Subject) Finance and Accounting Case 4.3 – Suzette Washington I do not believe that that accounting majors have a greater responsibility than other business majors to behave ethically. All business majors are equally responsible to behave ethically as each of their actions can have serious impact not just on the business but also on the consumers and the society that the company operates in…
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