Rick Yvanovich/Founder & CEO/
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Case study
FC is a CIMA member and has worked in the finance department of a medium-sized UK wholesaler for just under a year. A colleague has informed him that the head of sales has been unlawfully declaring fuel benefits. The value of the benefits is relatively high for the size of company, which is not in great financial shape. This has resulted in a National Insurance (NI) Contributions bill that would probably be large enough to push the company into insolvency. He is in a dilemma.
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Put yourself in the shoes of CIMA member CM. CM recently took up the role of accountant at a small food production and processing company based in the UK. As she settled into her role she noticed some practices that did not seem right to her.
Have you ever had to make a decision that could lead to your company’s closure? This week’s case study will put you into another difficult situation.
Following our ethical articles, this week we will discuss an ethical dilemma in which you are put in an awkward situation.
As an accountant, you may be faced with some ethical dilemmas in which you have to make difficult decisions or you hardly know what to do. These ethical situations do not always have a clear cut response, and often involves an apparent mental conflict between moral imperatives, in which to obey one would result in transgressing the other.
Professional ethics are a sensitive definition in any professions, especially during the recession. According to a survey by ACFE (Association of Certified Fraud Examiners), the recession has led to an increase in corporate fraud. In Vietnam, there have been neither official reports nor statistics about the state of professional ethics in companies. However, when looking at recent Transparency International’s corruption perceptions index, Vietnam is listed in the red zone with alarming professional ethics.
As chartered management accountants, CIMA members throughout the world have a duty to observe the highest standards of conduct and integrity, and to uphold the good standing and reputation of the profession.
