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Ethic Essay

735 words - 3 pages

In the article “Don’t Leave Your Hand in the Cookie Jar,” the author states that John Davies and Karl Schumaker have totally opposite opinions about how to make the year-end adjusting entries for 2009. John is an assistant controller. He has a master’s degree in accounting, is a CPA, and has three years of solid experience with a major accounting firm. Karl, John’s immediate boss, a controller, is 20 years older than John, and he has a B.S. in management and a general M.B.A. from a top graduate school. Moreover, he has over 25 years of corporate accounting and finance experience even though he has no public accounting experience. The adjusting entries in question consist of accounts ...view middle of the document...

5%. Since all of the three accounting adjustment will have the significant impact on financial statement (Karl’s suggestion will decrease ClearPix’s net income and increase its liability), how to make the adjusting entries is a big issue for the ClearPix company.
The question here is that Karl wants to show the venture capitalist that ClearPix will not bring any unpleasant surprises, and he is also looking forward to go public. However, John thinks Karl is not believes the conservative accounting adjustments, but he is trying to build a cookie jar or big rain-day fund, which would help the firm go public with a rising stock price. Then, the executives of the firm would have comfortable retirements.
In my opinion, John is the one who faces the ethical dilemma because after using the IMA Standards of Ethical Professional Practice to evaluate John’s actions, his behaviors are ethical. According to IMA Standards of Ethical Professional Practice, John should use two of the four elements to evaluate himself. The two elements are integrity and credibility. Since John is facing an ethical dilemma, he needs to take some steps to resolve this situation. First, he...

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