Question 3: Corporate Governance & Ethics (b) For each of the following ethical situations consider the fundamental principles of professional behaviour and: - identify the fundamental principle at threat, - identify the threat to the fundamental principle - discuss how the accountant involved should resolve the situation (i) You have been employed as a graduate accountant in a listed company and have been asked to complete a business report for the group. Your report must be completed by the tomorrow but vital statistics essential for the report will not be available for another three days. Your immediate supervisor has made it clear you will be severely reprimanded if the work is not completed on time. Answer space for question 3(b)(i) Fundamental principle: Threat: Resolution: (ii) At a party, an accountant speaks to another accountant, a person she has met for the first time, and says that she is amazed at the loss of her employer. She mentions the name of the employer and the results have not been released to the public yet. Answer space for question 3(b)(ii) Fundamental principle: Threat: Resolution: (iii) You are the CFO and have been asked to evaluate and choose a vendor to complete repair work from tenders in the company that you work. On looking through the tenders, you realise that one of them has come from your brother who you know is in serious financial troubles and could really do with the money. Answer space for question 3(b)(iii) Fundamental principle: Threat: Resolution:

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

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Question 3: Corporate Governance & Ethics

(b) For each of the following ethical situations consider the fundamental principles of professional behaviour and:

- identify the fundamental principle at threat,

- identify the threat to the fundamental principle

- discuss how the accountant involved should resolve the situation

(i) You have been employed as a graduate accountant in a listed company and have been asked to complete a business report for the group. Your report must be completed by the tomorrow but vital statistics essential for the report will not be available for

another three days. Your immediate supervisor has made it clear you will be severely reprimanded if the work is not completed on time.

Answer space for question 3(b)(i)

Fundamental principle:

Threat:

Resolution:

(ii) At a party, an accountant speaks to another accountant, a person she has met for the first time, and says that she is amazed at the loss of her employer. She mentions the name of the employer and the results have not been released to the public yet.

Answer space for question 3(b)(ii)

Fundamental principle:

Threat:

Resolution:

(iii) You are the CFO and have been asked to evaluate and choose a vendor to complete repair work from tenders in the company that you work. On looking through the tenders, you realise that one of them has come from your brother who you know is in

serious financial troubles and could really do with the money.

Answer space for question 3(b)(iii)

Fundamental principle:

Threat:

Resolution:

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