Ethical Dilemma for Accountants
Added on 2020-01-07
2 Pages558 Words93 Views
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A distinguished mark of the accountancy profession is the acceptance of theresponsibility to act in the interest of the public. The responsibility of is not necessarily tosatisfy the needs of an individual client or employer. It is expected that a member to bestraightforward and honest in all professional and business relationships. A memberneeds not to allow bias, conflict of interest or undue influence of others to overrideprofessional and business judgment. Brandon is in a serious dilemma to balance between his profession and the interest ofhis manager. Data on Keithwood electronics, concerning labor hours and the monthlytotals for manufacturing costs has been obtained through unprofessional ways.Keithwood electronics cannot willingly give crucial information on their operations.Brandon has to resolve this conflict by complying with the fundamental principles. It isunethical for Rachel to disclose her Firms’ information to Ben without the consent of thecompany management. Cost data for Keithwood is confidential and it should not be inany way released to a third party. The principle of confidentiality imposes a duty on allmembers to cease from disclosing confidential information acquired throughprofessional and business relationships. Ben is trying to use information that has beenacquired improperly to gain an advantage for his business operations. Informationacquired from Keithwood is intended to benefit a third party and there are no legalgrounds to allow use of such information. Ben Graham cannot substantiate where he has got cost data. He is however insensitiveof the accepted code of ethics. He is only interested in achieving his personal interest.His integrity is in question and he has obtained Keithwood’s confidential information inan unacceptable manner. Brandon needs to seek clarity from the section 110 of thecode of ethics, which categorically imposes members to be straightforward and honestin all professional and business relationships. Brandon need not to associate himselfwith such a report because he very well knows that the data he possesses is illegallyobtained. Brandon should not work in favor of his boss but instead he should strive as much aspossible to compliant with the accepted code of conduct that is in line with hisprofession. He should be keen to consider the principle of objectivity, which imposes anobligation to all members not to compromise their professional or business judgmentdue to bias, conflict of interest or the undue influence of others. It is quite evident thatBrandon is experiencing pressure to act on the deliberations from the meeting. Hewants to protect his job at the same time but the acceptable professional ethicsoutweighs all these aspects. Brandon should not fall into this trap as this situationimpairs objectivity of his job. In conclusion, Brandon needs to act with the high level of professionalism. He needs toengage his manager in and remind him of the accepted code of conduct of his job.
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