31 Jan Write your answer clearl
Scenario Summary
You have been invited to attend a meeting where your immediate supervisor will be presenting a draft of detailed financial projections to the chief financial officer and a subsequent meeting with the company president. You’ve not been involved in the preparation of the analysis thus far but understand that you might have some tasks delegated to you after the meeting. In addition, you realize that the company is at a critical juncture from issues such as high attrition of the accounting staff, current economic conditions, and increased competition.
Your Role/Assignment
You have recently been hired in the small accounting department of a corporate business. The department is so small, in fact, that you may be called on at times for tasks ranging from simple bookkeeping to preparation of financial statements and projections, and even filling in on the internal audit staff. One of your first responsibilities is to assist a senior level accountant with a detailed financial projection after input from the chief financial officer and the president of the company.
Activity
You need to draft a summary of how you will handle the situation. Specific questions that should be addressed are as follows.
Do you feel that there might be an ethical issue present? For the moment, assume that no laws have been broken and just focus on any possible ethical issues.
If you were going to report a suspected ethical issue, how would you do so? For instance, to whom would you report? Would you discuss the matter with anyone first?
Would the way you respond vary depending on whether this corporation was privately held or publicly traded?
Does the fact that you have only been recently hired play into your decisions?
What possible sources of guidance might be available from a professional organization or your state’s regulatory body overseeing the accounting profession?
Lastly, please assume that you suspect that some state or federal laws have been broken. The problems might be beyond just a possible ethical issue. Would this change your handling of the situation?
After reading through the You Decide activity and considering the questions listed here, please prepare a paper in APA format. The paper should include responses to the specific questions posed above but you may include other points if you so desire. The paper should be double-spaced, 11-point or 12-point type, and between 750 and 1,000 words (three to four pages).
Key Players
Key Players—Image
Title/Role/Character
Script Text and Audio
Jim Adotar
Senior Accountant
We were up most of the night working on these projections. It was sure nice to have some help with Excel. As you can see, we’re projecting a return to positive cash flow by early next year. We need to refine some of the assumptions but hopefully we have explained the key factors adequately.
Stan Fazer
Chief Financial Officer
It looks like the two of you have done a great job in preparing the projections. We can go ahead and discuss them with the company president. Just remember to not mention any issues about our accounts receivable and our allowance accounts. We need new bank financing, and the less said about past issues the better.
Lana Leal
Company President
I’m glad the three of you are coordinating this exercise. That’s one less item on my to do list. I’ve promised the loan officer at the bank that I’ll have a package to them by early next week. I’m relying on you as a team to meet that deadline with a set of projections that is realistic and achievable.
Grading Rubric:
Category
Points
Description
Understanding
20
Demonstrate a strong grasp of the problem at hand. Demonstrate understanding of how the course concepts apply to the problem.
Analysis
20
Apply original thought to solving the ethical problem. Apply concepts from the course material correctly toward solving the ethical problem.
Execution
10
Write your answer clearly and succinctly using strong organization and proper grammar. Use citations, if any, correctly.
Total
50
A quality paper will meet or exceed all of the above requirements.
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