Class 19 Ethically Managing Ethics Risks

Question 1

What are the key facts of the “To Qualify or Not” case?

Answer 1

• Jane recently graduated and came to work for Frankie on largest client for 1st assignment
• Discovered issues w/ client’s A/R, which co tried to cover up with inventory
• Told Frankie, who was more concerned about maintaining client

Question 2

What are Jane’s choices if nobody does anything?

Answer 2

1) Approach Mr. Viccio (PIC) for further consultation
2) Consider approaching another partner
3) Keep written note/memo of all meetings
4) If firm not responsive, consider consulting a professional body or a lawyer for advice

Question 3

What are the issues in the “Dilemma of an Accountant” case?

Answer 3

• Professionalism
• Duties to client
• Independence
• Duties to public