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Ethical Dilemmas In Sports World

1028 Words5 Pages

Ethical Situation:
My new job as Controller for Sports World, Inc. management has recently placed me in a complicated situation. The Chief Financial Officer (CFO) of the company has suggested that I complete two transactions to “reverse $2 million of the costs from advertising expense and to set up an asset called prepaid advertising that will be expensed in January 2014 and February 2014.” If I am to act as the CFO has advised, I will not be exhibiting ethical behavior, but I would benefit both myself and other members of the company.
Stakeholders:
Board of Directors: If I listen to the CFO suggestions, the company meets its sales goal for the year and everyone in management positions like the CFO and COO will continue to stay employed. …show more content…

If I were to not oblige by the CFO’s wants, the company’s sales will not reach its target to benefit the Senior Executive Team.
Senior Executive Team and All Management Level employees: The Senior Executive Team and all management level employees will be granted common stock if net income exceeds a targeted level. If I do not listen to the CFO, they will not be eligible to collect the common stock.
Creditors: If I listen to the CFO, the company will reach it’s targets and will be able to pay its creditors. If not, the company will not reach the target and will not be able to pay them back. Not being able to pay reflects that the company is in financial trouble.
Stockholders: With the stockholders being disappointed with past reported earnings, if I listen to the CFO, reported earnings will improve and ease stockholders uncertainties. If I were to not do what the CFO wants, the company’s earnings will continue to disappoint the …show more content…

The AICPA Code of Professional Conduct states certain principles that accountants should abide by that are relevant in this situation.
Integrity (ET Section 54 - Article III) – “Integrity is an element of character fundamental to professional recognition. It is the quality from which the public trust derives and the benchmark against which a member must ultimately test all decisions.” I would be violating this principle by not using integrity and listening to the CFO. Integrity involves doing what is right at all times, even when you are not under observation. Although there is a possibility that no one will know I “cooked the books,” that is no justification for unethical practices. In my line of work, I am expected to act with integrity at all times.
Responsibilities (ET Section 52 – Article I) – “Members also have a continuing responsibility to cooperate with each other to improve the art of accounting, maintain the public's confidence, and carry out the profession's special responsibilities for self-governance.” I would be violating this principle by not providing the public with reliable and accurate information that they can be confident in when making their assessments of companies. By making the false transactions, I will make the company appear more profitable that it really is which could lead to misguided interpretations for financial statement

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