acct601 “You Decide” paper

Scenario Summary

You have been invited to attend a meeting where your immediate supervisor will be presenting a draft of detailed financial projections to the chief financial officer and a subsequent meeting with the company president. You’ve not been involved in the preparation of the analysis thus far but understand that you might have some tasks delegated to you after the meeting. In addition, you realize that the company is at a critical juncture from issues such as high attrition of the accounting staff, current economic conditions, and increased competition.

Your Role/Assignment

You have recently been hired in the small accounting department of a corporate business. The department is so small, in fact, that you may be called on at times for tasks ranging from simple bookkeeping to preparation of financial statements and projections, and even filling in on the internal audit staff. One of your first responsibilities is to assist a senior level accountant with a detailed financial projection after input from the chief financial officer and the president of the company.

Activity

You need to draft a summary of how you will handle the situation. Specific questions that should be addressed are as follows.

• Do you feel that there might be an ethical issue present? For the moment, assume that no laws have been broken and just focus on any possible ethical issues.
• If you were going to report a suspected ethical issue, how would you do so? For instance, to whom would you report? Would you discuss the matter with anyone first?
• Would the way you respond vary depending on whether this corporation was privately held or publicly traded?
• Does the fact that you have only been recently hired play into your decisions?
• What possible sources of guidance might be available from a professional organization or your state’s regulatory body overseeing the accounting profession?
• Lastly, please assume that you suspect that some state or federal laws have been broken. The problems might be beyond just a possible ethical issue. Would this change your handling of the situation?

After reading through the You Decide activity and considering the questions listed here, please prepare a paper in APA format. The paper should include responses to the specific questions posed above but you may include other points if you so desire. The paper should be double-spaced, 11-point or 12-point type, and between 750 and 1,000 words (three to four pages).

Key Players

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