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Accounting 560

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Accounting 560
Jessica Rud
BYP14-7
March 13, 2011
A).
Who are the stakeholders in this situation? A stake holder is a person or persons (group) that hold any type of interest in a company and are at risk of being affected by the company’s financial actions.
In the case of McClintock Industries, there are several stakeholders in this situation of risk, primarily the company’s stock holders and future stock holders or people considering purchasing stock based of the statements given. The company’s reputation and integrity is at stake. Mr. McClintock would eventually suffer from a bad reputation and probably a backfire of intent, meaning he will end up with unintended consequences. Employees are also stake holders, not to mention the controller (the man being asked to write the report) because he has an ethical obligation to report accurate and truthful information. Commerce and the market place has a vested interest because the numbers may encourage activity to shift in one direction or another. In fact, it seems that everyone is essentially a stake holder, because if every company started fudging their numbers it would eventually crash the market.
B). Yes it is unethical on his part because he is knowingly trying to conceal information that would affect how people would behave whether it be stock holders, employees, customers, other competitors. All of the information needs to be disclosed in the reports , even the bad stuff. Otherwise, it could be assumed it doesn’t exist and that is misleading and dishonest.

C). No, I do not believe that the controller should remain silent. This controller has an obligation to report factual information. Because of the serious and numerous consequences, too many people are at stake, including himself. It is in his best interest to talk to McClintock and convince him that the information that is being kept out of the Press release is misleading and it puts every single stake holder at risk to make decisions based off of incomplete data. He also has a moral and ethical obligation to make sure this gets rectified before the press release. He should not remain silent because now that he knows about this information, he is responsible for the outcome.…...

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