Ethics and Financial Services: ATO Job Review and Fraud Analysis

This report delves into the critical intersection of ethics and financial services, providing a comprehensive analysis of the Australian Tax Office (ATO) graduate job requirements and an associated action plan. The report highlights the essential skills and knowledge expected of graduates, emphasizing the importance of accounting, commerce, and transferable skills such as communication and conflict resolution. It also examines a significant tax fraud scandal that occurred at the ATO in May 2017, detailing the nature of the fraud, its causes, and its impact on the organization and the country. Furthermore, the report discusses the corporate culture at the ATO and the importance of ethical conduct, integrity, and transparency in financial operations. The author applies an ethical lens to the findings and suggests measures to prevent future unethical activities, offering insights into making ethical decisions in a professional context. The report concludes by emphasizing the significance of ethical behavior in maintaining credibility and trust within the financial sector and underscores the need for strong employee and fund management practices to mitigate risks.

Ethics and Financial Service 1
Ethics and Financial Service
By Name
Course Title
Instructor’s name
Name of Institution
Name of Department

Ethics and Financial Service 2
Ethics and Financial Service
Part A: Review of the 2017 ATO graduate job position
According to the 2017 ATO graduate job position, the attributes that the employers are
looking for when hiring recent graduates encompasses better educational background that
will enhance their growth and productivity (Armendáriz, and Labie, 2011). Diverse
employers also look for quality skills and experiences on each predetermined field because
this aspect will enable the company continues with its operation. Accounting or Commerce is
one of the ATO graduate program stream that I am interested in because it prepares me for
successful careers in the ever increasing global economy. The program also provides me with
wide skills and knowledge that will assist me in making decisions about investments.
Accounting or Commerce graduate program stream is an important program because it
prepares me for successful careers in the ever increasing global economy. In this program,
obtaining a wide range of chronological learning and understanding of accounting,
comprising of a logic of development overtime, and a gratitude of the cultures (Awrey, Blair,
and Kershaw, 2013). Funds management is one discipline specific skills needed for
accounting concept. This is because it enables an individual to have a better knowledge in the
management of personal and company funds to ensure that there is the reasonable utilization
of available funds in profit making portfolios.
Consequently, attaining the confidence to assume self-directed knowledge, making the
utmost efficient use of resources and time, and gradually defining individual’s goals and
questions are some of the transferable skills needed. This is important because an individual
who has a significant interest in accounting will have the capability to utilize the skills in his
or her day to day business operations (Chen, Shin and Yang, 2012). Analytic skills gained
from the program will enhance the capability to understand and synthesize complex content,
problem solving, deliberate the big image while managing particulars, apply innovative

Ethics and Financial Service 3
research approaches, make resolutions consistently about theoretical information, and
exercise best judgment.
Basically, I believe that I meet the ATO’s expectations because my strengths lie in my
academic background and the ability to engage myself with the program (Bowie, 2017).
During my class period, I joined the International Business Program and Entrepreneurship
class (Chun, Shin, Choi, and Kim, 2013). This was important to me because I realized that
the skills and knowledge I gained from the program could assist me in my ambition of
becoming a great accountant, bank investor or a business person. The ability to understand as
aspect easily would also enhance my expectations, accounting skills needed for the program
was instrumental because of the capability to adapt and learn at a great level, self-confident,
and respond suitably to large extents of information that were needed. Possession of the
required skills and knowledge will enable individuals in the organization to perform their
duties with minimal supervision and ensures higher production of the company (Christensen,
Peirce, Hartman, Hoffman, and Carrier, 2007). This is vital because having a strong academic
base from a higher institution will provide the needed skills that will be utilized in the day to
day employment opportunities.
Ability to communicate is another strength. This is vital because it enhances my ability to
rationally organize diverse material for other, enable discussions and speak up efficiently.
Basically, my strengths lie to this aspect because it often enhances the capability to work with
others in the work station. In this case, conflict resolution is an area that I need improvement
because resolving diverse conflicts that arise in the organization is a significant activity that is
needed for each employee. Employers often need conflict solving individuals because they
will enhance unity among other employees in the work places (Armendáriz, and Labie,
2011). Ethics and integrity are vital aspects because of control of these appropriate

Ethics and Financial Service 4
professional and personal values and the capability to make better decisions based on these in
work connected situations. Basing on the relevance of this case, learning MAA250 will help
me meeting ATOs expectation by providing me with necessary skills that are needed by the
organization. It will also offer me the opportunity to develop my career in a dynamic and
high-profile national organization which provides diverse work experiences that prepare an
individual for exciting career paths.
From the action plan perspective, the action plan is still appropriate because it basically offers
me with the suitable guidelines that guide me in my day to day operations. Action plans
aspect should be maintained and used effectively because it guides us on most of the
operations (Boatright, 2013). This document lists the steps that should be taken so as to attain
a specific objective. This action plan is appropriate because it helps us to elucidate the
resources needed to reach the objective, formulate a framework when precise tasks needs to
be accomplished and determine the required resources. Since I joined the first year, I have
further developed KSAs.
Action plan
ATO position learning: Basing on the aspect that most of the employees presently work
below production level, my goal is that by February 2018, I will improve my capability in my
work. I will quantify the progress towards these objectives via monthly evaluations.
Professional practice: In order, to attain this objective, ATO will offer me with knowledge
that consist of writing prospects on a monthly basis, comprising of skill-directed from
accounting or Commerce program (Ferrell, and Fraedrich, 2015). I will monitor my
accounting or commerce graduate program learnings by tracking the frequency and type of
my duty and gathering a section of the response that I offer.
Action Text: Activities/experiences Timeline (or)
Frequency:

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Start preparing my networks and business relations
T2 Study starts with selecting Accounting as Major
subject
Make Deakin Talent profile, LinkedIn profile,
Curriculum Vitae
Get real life working
experience
January
Working with associates to share ideas based on the
accounting or commerce program.
Look For Internships in Accounting, volunteer work,
try to enter the industry
This activity will
offer us with better
skills and knowledge
needed for our work.
February - March
Plainly model the mechanisms of a high quality open
feedback and create opportunities to exercise these at
work at least monthly.
Exemplars and
strategies developed
with colleagues,
March - April
Research in for the future expectations of the industry
and its trends
This will assist me to
gain required skills
April - May
Make full use of time and opportunity by getting work
experiences at training, part-time job, internships, etc.
This activity will
offer us with better
skills and knowledge
needed for our work.
May - June
Try to build up the soft personal skills Exemplars and
strategies developed
with colleagues,
June - July
Get real life working experience Achieve good results July - August
Try to build a strong character in the organization
working with my other colleagues
This will assist me to
gain required skills
August -
December
Provide managers with explicit feedback on their open
responses.
Plan for future (Next 12 months)
This will assist me to
gain required skills
February - January

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Part B: ATO Tax Fraud Scandal
In May 2017, the Australian Tax Office (ATO) was involved in the largest tax fraud worth
US$165 Million. The scam was a conspiracy to divert Pay As You Go withholding tax that
was owed to the Australian Tax Office (ATO). The operation is believed to have run from
June 2016 to May 2017, and the scam basically raised an amount believed to be US$165
Million (Musa, 2015). The scammers took control of the Plutus Payroll Australia which was a
firm that offered administration of payroll services for legitimate customers and larger
cooperate, employers. In this case, the scammers set up many second tire firms into which
they basically installed unrelated small time crooks and firm directors that would enable them
disguised their involvement in the conspiracy. Plutus would transfer the payroll money to the
second tier firm where it would pay the customer's firms payroll as needed but it would only
forward part of the Pay As You Go contributions to the tax man (Jamnik, 2011). The funds
dishonestly retained by Plutus and the second tire firms were transferred to the scammers
through fake invoices or other bank accounts utilized to fund their lavish lifestyles.
After reviewing Australian Tax Office (ATO) Code of Conduct, developing better security
and use of biometrics could basically be enhanced so as to prevent such fraud and scam
activities like the recent Australian Tax Office (ATO) that happened in May 2017. This
security aspect will basically enable companies or tax collecting organizations from losing
any of its funds through the scam. Strict measures could also be enhanced where an
individual working with Australian Tax Office (ATO) is found guilty should be prosecuted
and jailed on a lifetime basis. According to the scandal, the main cause of this scam was the
potential loophole that enables the perpetrators to carry out the activity (Bowie, 2017). The
connection and relationship between the chief perpetrator and the ATO deputy tax
commissioner were also the main cause of the fraud because the scammer would get access to

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required files, checked restricted information of the office tax files and thus obtain viable data
that aided in the fraud activity (Trevino, and Nelson, 2016).
The scam had a big impact because the country lost most of its funds that were utilized by the
perpetrators to fund their lavish lifestyles. From the scam, it was learned that most of the
funds get lost through n authorized access to the restricted data and that proper measures
should be laid up so as to prevent such activities from happening in the near future.
According to the research, the corporate culture at the Australian Tax Office (ATO) is that
the organization attempts to ensure that it collects enough funds for the country to ensure
smooth provision of services to its citizens (Cragg, 2005). Australian Tax Office (ATO)
ensures that there is transparency in its operations and that there is an equal collection of
taxes from both individuals and the companies.
Australian Tax Office (ATO) mission statements accentuate in contributing to the social and
economic well-being of Australians by fostering willing participation in the tax and
superannuation systems. Its core values involve being a leading superannuation and tax
administration known for the contemporary services, expertise and also integrity for the
Australians (Woodbine, 2004). According to the website, its ethos accentuates of easy goals
for Australians to participate so as to have respectful and purposeful relationships. The recent
Australian Tax Office (ATO) tax scandal should be the main topic in the contemporary
business world because being accountants; we should ensure that we try to avoid such
unethical cases because it often affects the credibility of organizations and that there will be
less trust from its shareholders. Graduate employees seeking employment should basically
explain how such ethical cases should be handled and reduced because most unprofessional
and unethical activities such as fraud often reduce credibility and confidence from its
shareholders (Crane, and Matten, 2016). From the ELI lens report, I have been able to obtain

Ethics and Financial Service 8
diverse knowledge that most of the frauds carried out by organizations are usually as a result
of the company employees. In the business world, we should ensure that proper managements
of funds and employees have been intensified because it will enhance strict prevention of
such unprofessional and unethical activities. The report has basically assisted me to gain
more insight in making ethical decisions when carrying out a business or even seeking
portfolio to initiate (Rooney, Mandeville, and Kastelle, 2013).
Unprofessional and unethical activities should be avoided significantly because it affects the
company productions and also my confidence level. My ethical lens findings may assist me
to enhance the cooperate culture at the Australian Tax Office (ATO) by prioritizing the
pressure between sensibility and rationality as well as equality and autonomy which will be
done through paying attention to beliefs, attitudes, and behavior in the organization. This will
assist me to carry out my duties effectively if I successfully gained employment with the
organization. From the ethical lens, it came to my surprise that following the community
wisdom and sensibilities so as to exemplify the virtues that add up for excellence in the
society is an important aspect (Cragg, 2005). In this particular case, my ethical path is
considered to be the best method to be utilized so as to become ethically aware and mature to
my capacity to make future ethical choices in my career.
Less practical activities globally about ethics can be some of the weaknesses that may
basically hinder the capacity to make future ethical choices because of lack of enough
information about ethics and being professional in the business world. The highlighted ethical
sensibility has made me view my future job application and roles differently; this is because
my profession involves being accountable to both the company and the shareholders.
Shareholders expect me to be transparent and ensures that the company financial statements
show the true picture of its financial statements (Oh, Park, and Ghauri, 2013). The financial

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statements should be prepared in accordance with the set guidelines from the FASB. Any
unethical and unprofessional behavior strongly affects the company operations because in
most case it reduces the credibility of its operations and that most of its customers will also
lose confidence in its products.

Ethics and Financial Service 10
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