Alan Bond the Sales Man
Chapter 1
P 23
Case study 1 1. For case scenario 1
What are the duties owed by Ming?
Ming answers to Bing Ho, to the company, the stakeholders and the board of directors
The duties that Ming takes as an employee are * Accountability * Objectivity * Integrity * Honesty/duty of care
Is there any conflict of interest faced by Ming as an assistant accountant in Wholesalers Ltd?
Ming V Bing
Decide to go with Bing’s guide as instructed or record Bing’s fraudulent discrepancy or follow the company’s policy.
Yes there is a conflict of interest because if Ming says anything there is a chance that he will be fired. As he is only an assistant accountant and Bing is the chief accountant there is a chance that he will not be believed as Bing is there much longer. (red is my answer) 2. For case scenario 2
Explain any ethic risks and possible consequences faced by Ming when dealing with Alice.
Ethical risks: * Failure to do what was asked of him * Failure to apply duty of care * Failure to apply disclosure * Failure to act ethically
Consequences
* Misstated financial statement * False untrue books * Acceptance from Alice and Bing Ho to follow * Failure to follow Bing’s instructions * Loss of Alice’s friendship * The company suffers * Breaching Bing’s instructions would lead to Ming being disciplined
Ming might be tempted to tell Alice about her father’s dealings, as this would not be ethical¸ but there is a chance if he says anything to Alice that she will stop going out with him.
Comment on Bing’s motto and advice of Ming’s possible actions.
Bing’s motto is “being a professional accountant holds the key to all”
P12, , Accountants have a duty towards their employer, loyalty to the governing body, and management and the responsibility to ensure such duties are performed with the objectivity, integrity and ethics of a professional person.
Internal fraudulent activities.
P13, all
P 23
Case study 1 1. For case scenario 1
What are the duties owed by Ming?
Ming answers to Bing Ho, to the company, the stakeholders and the board of directors
The duties that Ming takes as an employee are * Accountability * Objectivity * Integrity * Honesty/duty of care
Is there any conflict of interest faced by Ming as an assistant accountant in Wholesalers Ltd?
Ming V Bing
Decide to go with Bing’s guide as instructed or record Bing’s fraudulent discrepancy or follow the company’s policy.
Yes there is a conflict of interest because if Ming says anything there is a chance that he will be fired. As he is only an assistant accountant and Bing is the chief accountant there is a chance that he will not be believed as Bing is there much longer. (red is my answer) 2. For case scenario 2
Explain any ethic risks and possible consequences faced by Ming when dealing with Alice.
Ethical risks: * Failure to do what was asked of him * Failure to apply duty of care * Failure to apply disclosure * Failure to act ethically
Consequences
* Misstated financial statement * False untrue books * Acceptance from Alice and Bing Ho to follow * Failure to follow Bing’s instructions * Loss of Alice’s friendship * The company suffers * Breaching Bing’s instructions would lead to Ming being disciplined
Ming might be tempted to tell Alice about her father’s dealings, as this would not be ethical¸ but there is a chance if he says anything to Alice that she will stop going out with him.
Comment on Bing’s motto and advice of Ming’s possible actions.
Bing’s motto is “being a professional accountant holds the key to all”
P12, , Accountants have a duty towards their employer, loyalty to the governing body, and management and the responsibility to ensure such duties are performed with the objectivity, integrity and ethics of a professional person.
Internal fraudulent activities.
P13, all