Who Signs Your Check Group Project 2

1370 words 6 pages
UNIVERSITY OF MARYLAND UNIVERSITY COLLEGE

Who Signs Your Check Group Project

Group 5
Marc Friedman
Jefferson Kinnay
Vincent Mayer
Tesleem Subair – No posts yet??
Kent Williams

ACCT 635 9040
Accounting Ethics
Professor Larry Wolod
February 19, 2015

Contents
Facts 2
Procedural History 2
Issue 2
Rule 2-3
Application / Analysis 3-4
Conclusion 4
Bibliography 5
Work Accomplished…………………………………………………………………………………………………………………………………6

Facts
Willie Lowman is the internal auditor for Dead Salesman Printing who is currently in the process of auditing the company’s account receivables. He finds that the company is constantly crediting and debiting accounts receivable. The accounts receivable clerk who is a CPA has been
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So in terms of ethics, what principles are being violated here?

In terms of ethics we must first identify the stakeholders. In this case the stakeholders are Willie Lowman, the Accounts Receivable Clerk, the Chief Financial Officer, the vendors, the stockholders, and the general public. Willie is working to act with integrity, honesty, responsibility and loyalty to the firm by addressing the issue internally, and working to report and modify a policy that has resulted in the accounts receivable department handling the partial payments by clientele incorrectly, and not in accordance with GAAP principles. The accounts receivable clerk has failed to show any integrity and has failed in their responsibility as a CPA, as they should have known better than to follow the policy stated by the CFO. The CFO in this case has acted with a lack of integrity, responsibility, honesty, fairness and loyalty. He lacks integrity for instituting a policy that is contrary to GAAP. He fails to show responsibility to the other stakeholders. The CFO in addition by knowingly falsifying the financial reports shows a lack of honesty, and his comments to Willie regarding “who signs your paycheck” shows a lack of fairness and loyalty.

Conclusion
In this case Willie Lowman has no alternative choice but to bring the matter to the audit committee, or should he get fired by the CFO, he has no choice but to bring the

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