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Review of Accounting Ethics

Current Business and Regulatory Environment-Conducive to Ethical Behavior In light of the continuing and current scandal related business environment people working in the corporate environment tend to indulge into unethical business practices. However, it is to be determined that the ethics whether qualitative or quantitative in nature have undergone a rise or decline in the conduct of the business of the respective organization. In reality the tension between the quantitative and the qualitative ethics are resulting in the increasing tensions and conflicting needs of the company. The company bears the responsibility of providing timely information to the shareholders that is relevant and easily understood by the shareholders of the company whereas the responsibility of the accountant of the company is with meeting assigned ethical duty. But mostly there lies a clash between the ethics and the economical status of the country in which the company is operating and unfortunately economies of the country turn the winner, making the regulatory environment conducive to the ethical behavior (Kushniroff, 2011, p.103). The Organization SNC-Lavalin is one of the largest construction and engineering company in Canada at Montreal. The company has come up with new inventions and innovations in the field of core engineering business so as to encourage the new activities and skill to meet the ever changing requirements of the markets and the clients. The company concentrates on reaching the sustainable growth in areas like world class products. The company also places the importance of ethics and quality of the product thus manufactured by the company for the achievement of the ongoing improvement of the company. Thus the company pays great importance to the achievement of the financial objective of the company in accordance with the code of ethics of the company. The Accounting Ethical Breach A complex ethical breach resulted in the accounting failure of the company. This was identified from a certain number of the executives of the company leading to the misallocation of the costs of the company in relation to payments to agents valuing a total sum of $ 56 million. The rationale behind this was irrespective the CFO of the company refusing to sign the transaction it was readily passed by the head of the company. Though the company accepted that weakness persisted in its internal controlling over the financial reporting of the company which occurred due to the management failing to comply with the code of ethics and policies on commercial agents; yet it was too late (Lemer, 2012). The impact on the organization related to ethical breach The breach in the accounting of the company resulted in the chief executive of the company resigning after the internal investigation taking place. The reason behind the resignation of the chief executive of the company was due to false payment to third party agents against the company’s code of ethics. The intervention of the media made the matter more gruesome leading to project the actual news being blown out of proportion. Detection of Organizational Ethical Issue As per the report of SNC it was found that Mr. Duhaime the chief executi ...Show more

Summary

Review of Accounting Ethics Corporate Ethical Breaches in Recent Times In the recent times scandals, corruption and ethical breaches have taken place both in public as well as private sectors since the time of their existence. A brief survey of history has revealed that every era is troubled by questions of morality, especially in business, financial and news sectors…
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