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Ethics Case Paper

In: Business and Management

Submitted By btalley11
Words 915
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Ethics Case One ethical lesson from this article, is when something is wrong, one should speak up and let their voice about the issue be heard. A second lesson from this case is that a lot of times middle management does not report all of the facts to top management in order for critical decisions to be made. Finally, a third ethical lesson from this case is to tell the truth about effects of decisions or information being presented, so that way it is true and unbiased. All three of the above listed lessons are relevant to someone who decides to enter into the accounting profession. This is because as accounts, one of our duties is to provide accurate and timely information in order for decisions by investors, creditors, and internal managers to be made. Most all of the ethical lessons that were discussed in the case were based on misleading information, or information that was inaccurate when trying to make a final decision. The decisions discussed in the case were not made in order to help make decisions; rather top managers were trying to save themselves and their reputations. The first ethical lesson pulled from the case was that when there is information that is misrepresented or wrongly described, one should not hesitate to speak up. Whether you are looking over information from peers on your own level or information from top-level management or anyone higher in a company than you, one should be able to speak up to misrepresented information. As someone going into an accounting field, one thing that accountants strive for is to have accurate information in order for stakeholders and shareholders to make correct and informed decisions based off of accurate and up to date data. When you are able to voice your opinion, good things can come from this. In the accounting profession it is good to have an eye to seek out mistakes in data that could potentially skew the results and financial statement presentations. When one speaks out, it shows that they are able to look deeply into the material and understand it as well as looking out for what is best for everyone, that way financial information can be represented properly and accurately. In addition to being able to speak up to mistakes, it is also important that if one is in middle management that they can report to top-level management and provide all facts, whether they are good or bad. This is especially important in the accounting field due to when someone receives and looks at a financial statement they are provided all information to make an informed decision. It is important as an accountant whether you are on the bottom, or middle-level management to always provide all information and disclosures for the information provided. It could be very costly to investors, creditors, and stakeholders when information is misreported, or simply left out to make a company look better. So it is very important that all information is given in an accurate and full-disclosure method in order for every person involved in decisions either inside the company or outside the company to make decisions based on correct data as well as all information related to the specific firm or company. Finally, the third ethical lesson that was found is that information regarding issues or crises should be reported accurately. In this specific case, it was shown that MTI and NASA did not report correct facts to the public and other people that were affected by the Challenger crisis. It was shown that instead of reporting all accurate information, they reported skewed and misrepresented information. While it worked in this case, it is an ethical issue, which is a very important lesson to someone entering the accounting profession. It is important that if there were such an issue or crisis to arise, that as an accountant, one would report accurate information about the event in a true and unbiased way, that way any one who could potentially have any stake or part of a company could have informed and accurate information on such a situation as to not have false information to go off of. One works for XY Company, where they audit the business accounting practices, and all of the financial books, statements, and reports. Once looking more in depth of the accounting practices of the company it is seen that there might be a small loophole, where they do not have satisfactory internal controls in place, and you found this while doing the audit of the companies books. You have a family member who is very ill, and you do not have the money to help them get the treatment they need. So, when you discover that there might be an account that is overlooked by the company, you start pulling money from this account slowly with the intentions of putting the money back in overtime. However, while in the process of putting the money you took from that account back in the account, you are caught by someone inside the company. Now, you have the decision to make, whether you should exit the company, and leave the job, voice your opinion and stand up for yourself and why you took the money, or loyalty, where you would possibly throw your own company or XY Company behind, to further yourself and make it seem as if they are all in the wrong, and what you ultimately did was right.

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