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Case Homework 7
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A certified public accountant (CPA) is someone who has achieved a professional designation through the combination of experience, education and licensing. A professional public accountant may be encountered with thorny issues on the job and mostly he will be using the ethics decision tree to solve the issue. Decision tree are tools that assist in deciding and choosing between various courses of actions (Bagley, 2003). They offer a highly efficient structure in which options can be laid out and even investigate possible results of deciding on such options. Decision tree also assists to create a balanced picture of the rewards and risks accompanying every possible course of action. The decision tree was created by the industry executive committee to help in walking through the process of resolving ethical issues. The following are some of the ways in which a certified public accountant can use the ethics decision tree to help him navigate through the issue.
The certified public accountant should check if the organization have any ethics policy in place that can assist in guidance. If in case there is, then the accountant should review the ethic policy of the organization and AICPA subordination of interpreting judgement. If the there is no ethic policy, then the accountant should talk to the person holding the position (Provis, 2010). The accountant can as well apply the safeguards in the subordination of judgement Interpretation, professional standards to reduce or even eliminate threats to the acceptable level. In addition, the accountant can consider continuing relating with the organization.
The accountant can be conscious of his or her job expectation. Misrepresentation of facts should be avoided at all costs by the accountant. If not satisfied, he should talk to companys ethnic committee if one exists. The accountant can also evaluate his satisfaction and if not satisfied, he should look a way of taking additional steps. Maintenance of professional skepticism is also a way in which the accountant can use to navigate through the thorns encountered in the job. During the process he should keep all the documentation related with the issue and find out if the companys culture and internal control system changed in favor of the issue.
The use of the AICPA Ethics Decision tree is an effective tool because it results into a long term competitive benefits that dislodges the individuals from the pack. The process trains various individuals through the levels to create an ethical business culture. Ethics decision tree also mentors accountants on how to make better ethical decisions (Provis,2010). The use of ethics decision tree is as well effective because in times of dilemma that accompanies accountant, they are able to detect the reality preventing theft and even loss of business property. This will result in improved business performance as well as management.
Todays business environment is surrounded with civil and criminal lawsuits relating to accounting ethics issues. An example of a hypothetical incident in the business is a situation in which a sale at the end of the year occurs although execution was not done before the cut-off date. The accountant will be in dilemma whether the revenues should be recorded in the prior or current year or if the goods were in transit and even if an oral agreement existed without a signed contract (Bagley, 2003). The accountant will apply ethics decision tree on making the decision in order to prevent any loss that might accrue. The accountant should maintain professional skepticism as he thinks of the situation that makes sense.
In conclusion, ethics decision tree should be practiced in business premises during decision making so as to create a long term competitive benefits and also to enhance smooth running of the business. Any wrong decision made can result to loss to the business.
References
Bagley, C. E. (2003).The ethical leaders decision tree(pp. 18-19). Harvard Business Review.
Provis,C. (2010). Virtuous Decision Making for Business Ethics.Journal of Business Ethics,91(S1), 3-16. doi10.1007/s10551-010-0564-4
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