Resolving Ethical Dilemmas Guide Clinicians -Myassignmenthelp.Com

Question: Discuss About The Resolving Ethical Dilemmas Guide Clinicians? Answer: Introduction Ferrell and Fraedrich (2015) stated that the role of the accountant to deal with the crucial and confidential financial data of an organization. There are different roles and responsibilities of accountants like some handles the operation of safeguarding retirement funds; while some execute million-dollar transactions (Jennings 2014). Thus, accountants need to be ethical as they have the direct access to the most important data of their clients. Ball (2013) moreover portrays that the significance of ethics in accountancy is that it help an organization to assess that their certified public accountants (CPAs) can work with integrity. The importance of ethics in accounting leads to community trust which on the other hand attracts new investors. Thus, possessing ethical nature every accountant can enhance the profitability for the organization. Bruce et al. (2013) highlight another significance that is if an organization follows proper ethics they are free from any regulatory investigat ion and costly fines or sanctions. Ferrell and Fraedrich (2015) furthermore depicted that if the accountant is not ethical, the overall reputation of the organization will hampers and that may affect their brand recognition and market value in the community. This business report will illustrate the ethical responsibilities of accountants followed by the current guidelines of accounting ethics and benefits of education and training for accounting professionals. The report will also illustrate an overall conclusion based on the entre discussion for the report. Accountants ethical responsibilities There are several aspects of the ethical responsibilities for certified public accountants and these are- Integrity, objectivity, professional competency and due care, confidentiality and professional behavior. The code of ethics for an accountant is not only to satisfy the need of their clients but also to fulfill all the code of ethics regulated in the organization. Integrity Kasemsap (2015) stated that the integrity in accountants ethics illustrates that an accountant needs to be unbiased and shared all the present condition of the organization directly to the management. The accountants should not associate with any activities that can be harmful for the organization (Apesb.org.au 2018). Lee and Selart (2015) also stated that accounts should not also comment their personal perception on misleading information to the management and disclose every data without any modification. Objectivity An accountant needs to judge a situation without any biasness and also suggest solution or recommendations that benefited the clients. Henderson et al. (2015) also stated that the solution that an accountant offers to their clits should be a result of external influence. These accountants should present the expected benefits that the clients can get by following their financial advice (Apesb.org.au 2018). Professional competency and due care According to this code of ethics, an accountant has to follow all the accounting legislation along with the regulations that is followed in an organization. The accountant also has to remain abreast of those decisions that can result in betterment of the organization. In addition to that, Crossan et al. (2013) stated that if a professional accountant supervises others, they should consult with other accounting professionals and should not convey the message that they are expertise in the area in which they actually do not have any knowledge. Confidentiality The accountant should not disclose an organizations crucial data and financial statement to a third party without the authoritys permission (Apesb.org.au 2018). Lee and Selart (2015) also stated that acquired confidential information should not be used for personal benefit. Professional behavior Bebbington et al. (2014) stated that an accountant needs to abide all the legislations and comply with them. It is also expected from the accountant that they should maintain all the legislations for attaining clients trust (Apesb.org.au 2018). Ethical dilemma case for Integrity- Taken for instance, an organization want to take a loan from a bank for taking fulfilling new orders of their client. Pullen and Rhodes (2015) stated that in such cases, the organization has to present their balance statement of their company as a proof to the bank they are eligible to repay the loan once the business will over. An accountants role is to evaluate the monetary scenario and present the balance sheet. According to the ethical principles the accountant has to present the actual picture if the financial ability of the organization even through the result is not in favor of the organization. However, in this case, the ethical dilemma is whether to tell the bank that according to the financial ability of the organization, they are not eligible to repay the cost. Lo (2012) stated that in such situation, an accountant may feel that their role can diminish the profitability of the organization as there is chance of the investors to take their invested shares or money from the organization. on the other hand, if that accountant so not present the actual balance sheet and after taking the loan, the concerned organization is not able to repay the loan, the market value and reputation of the company diminishes. Thus this can be said that, in this case study, the point of interest is integrity the accountant has to portray the actual scene of the company. Ethical dilemma case for confidentiality - Taken for instance, a sole accountant practitioner is liable to provide accounting services to a small firm say Company X. These accounting services are preparing year end accounts, a due diligence exercise and tax compliance work on behalf of the organization. The Company X intends to bid on other firms in order to enhance their business and the profitability. However, the financial ability of the organization is not in a good condition and they are incapable to take over other firm alone. This knowledge is known to the accountant. On the other hand, the sane accountant is now serving as a continuity provider for other local sole practitioner (Company Y). Due to some health issues, the person, who is handling the firm (Company Y), is not able to join the organization and the accountant has to operate all the financial activity and act as one of his clients. In a meeting organized by company Y is about taking over a firm (other companies of same business operations) that Company X al so intends to acquire. The accountant in this case knows the inability of the Company X that they cannot take over the other organization alone but the clients of company Y do not know that the accountant is also associated with company X also. In this case, the dilemma for the accountant is whether or not to disclose this fact or the financial ability of Company X to Company Y. In the same time, the accountant should have to provide valued service on behalf of the practitioner and have to keep one organizations confidential data a secret. The possible solution in this case is the accountant should not breach the fundamental principle of confidentiality. The accountant can ask clients of Company Y to check the business operation of company X and their performance. This will help the company Y to indentify the areas through which they can obtain competitive advantage. However, the accountant can suggest the concerned organization profitable solution once they have identified everything. Jordan et al. (2013) also suggest one way that is, even of the accountant disclose this fact to the director, they should not mention the name of that client and keep the data confidential. Ethical dilemma case for professional behavior - Company A is a small hardware selling company for computers. The company has successfully operated their business for last 5 years; however, currently the organization is suffering from internal cultural problem, due to which the overall financial performances is not like previous years. Now, the Chief Financial Officer intends to show unrealistically high revenue forecast and ask the accountant to do so and hope that they can fulfill the plan for taking over other organization. The CFO also hopes that the poor financial performance will not do not get disclosed prior the inconsistency get disclosed. The possible solution is that the accountant needs to issue accurate reports to the organization irrespective of the consequence. Moreover, the accountant needs to communicate with the line manager to raise the concerns. The accountant can also evaluate the action taken by the line manager and on getting an unsatisfactory action, activity of whistle blowing can be performed. Conclusion There are five major ethical responsibilities of accountants- integrity, objectivity, professional competency, confidentiality and professional behavior. However, the three point of interest that is taken in this business report is Integrity, Confidentiality and Professional behavior and shows the case where an accountant should not disclose the organizations crucial data. The accountant should portray the actual scene of the company so that the clients can judge whether or not to invest their money on the organization. Moreover, the accountant should not mention the name of any person while portraying the scenario of the organization. The accountant should not take any action that result in an organizations low profitability. Lastly, it is also found that the accountant should communicate with their manager to raise the concerns when they see some misleading action is being performed within an organization. Reference List Apesb.org.au., 2018. Accounting Professional and Ethical Standards Board. [online] Available at: https://www.apesb.org.au/ [Accessed 17 Jan. 2018]. Ball, R., 2013. Accounting informs investors and earnings management is rife: Two questionable beliefs. Accounting Horizons, 27(4), pp.847-853. Bebbington, J., Unerman, J. and O'Dwyer, B. eds., 2014. Sustainability accounting and accountability. Routledge. Bruce, C.R., Brody, B. and Majumder, M.A., 2013. Ethical dilemmas surrounding the use of ventricular assist devices in supporting patients with end-stage organ dysfunction. Methodist DeBakey cardiovascular journal, 9(1), p.11. Crossan, M., Mazutis, D. and Seijts, G., 2013. In search of virtue: The role of virtues, values and character strengths in ethical decision making. Journal of Business Ethics, 113(4), pp.567-581. Ferrell, O.C. and Fraedrich, J., 2015. Business ethics: Ethical decision making cases. Nelson Education. Henderson, S., Peirson, G., Herbohn, K. and Howieson, B., 2015. Issues in financial accounting. Pearson Higher Education AU. Jennings, M.M., 2014. Business ethics: Case studies and selected readings. Cengage Learning. Jordan, J., Brown, M.E., Trevio, L.K. and Finkelstein, S., 2013. Someone to look up to: Executivefollower ethical reasoning and perceptions of ethical leadership. Journal of Management, 39(3), pp.660-683. Kasemsap, K., 2015. The role of ethical leadership in ethical organizations: A literature review. Contemporary issues surrounding ethical research methods and practice, pp.135-168. Lee, W.S. and Selart, M., 2015. The influence of emotions on trust in ethical decision making. Lo, B., 2012. Resolving ethical dilemmas: a guide for clinicians. Lippincott Williams Wilkins. Pullen, A. and Rhodes, C., 2015. Ethics, embodiment and organizations. Organization, 22(2), pp.159-165.