This assessment will evaluate:
Analyze legal, social, and economic developments for their defining role in ethical expectations of the business and accounting profession
Assess the ethical responsibilities of professional accountants to internal and external stakeholders relating to the financial reporting process
Apply theoretical models of ethical behavior to contemporary accounting issues
Specifically, the following critical elements must be addressed:
I. Background
What company is the subject of the case? Why did you choose this company/ethical situation? What ethics violations were discovered?
II. Ethical Violations
a) Who were the main participants involved in perpetrating the violations? Discuss the ethical responsibilities of professional accountants to the
following stakeholders regarding the financial reporting process. How were the stakeholders affected by the ethics violations?
i. Internal
ii. External
b) What AICPA Codes of Professional Conduct were violated?
i. What is the importance of independence, when is independence required, and why must you be independent both in fact and in
appearance?
ii. Did the main participants adhere to moral and ethical principles? Soundness of moral character? Honesty? In other words, discuss the
case as it relates to the integrity of the main participants.
iii. Did the main stakeholders, including the professional accountants, maintain their objectivity? Explain.
c) What were the implications of these violations on the business and accounting profession from the following perspectives?
i. Legal
ii. Social
iii. Economic
d) Does the company have a specific code of ethics? Were any of the components of the code violated? Discuss.
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