Collaboration And Communication Action Plan Template 314438

Collaboration And Communication Action Plan Templatepart 1 Action Pla

Cleaned assignment instructions

Develop a 2-3 page reflective essay addressing an ethics case involving Tiffany Lyons, newly hired assistant treasurer at Key West Stores. Analyze the ethical considerations, identify stakeholders impacted positively or negatively, and determine whether Tiffany should continue a questionable practice initiated by her predecessor. Include references to professional ethical codes, and outline a step-by-step plan for acting ethically based on these principles. Use credible ethics resources and APA citation guidelines.

Sample Paper For Above instruction

Reflective Essay on Ethical Dilemmas in Accounting: The Case of Tiffany Lyons

The realm of accounting is heavily grounded in ethical principles that uphold integrity, transparency, and accountability. The case of Tiffany Lyons, newly appointed assistant treasurer at Key West Stores, presents a pertinent ethical dilemma that requires careful analysis through the lens of professional codes of conduct and moral reasoning. This essay explores the ethical considerations involved, identifies stakeholders, discusses the appropriateness of continuing the existing practice, and proposes a step-by-step action plan grounded in recognized ethical standards.

Ethical Considerations in the Case

The primary ethical issue in this scenario concerns the practice of intentionally delaying the mailing of payments to take additional interest benefits, despite the potential to jeopardize the company's credit reputation and violate ethical norms of honesty and fairness. Jay Barnes instructs Tiffany to continue preparing checks "net of discount" and delay mailing them beyond the discount period, thereby earning extra interest at the expense of creditors and potentially breaching ethical standards surrounding truthful and transparent financial practices. This practice raises concerns related to integrity, as it involves manipulative tactics to benefit the company at the possible expense of other stakeholders' rights and expectations.

Furthermore, this action can be viewed as a form of ethical misconduct, conflicting with the fundamental principles of professional conduct in accounting, which demand honesty and avoidance of misrepresentation. The act of blaming delays on postal services further perpetuates deception. The ethical considerations also include whether such behavior aligns with the company's and the accountant's responsibilities to uphold ethical standards and legal compliance.

Stakeholders Impacted in the Situation

Various stakeholders are affected by this practice. The primary beneficiaries are Key West Stores, which gains additional interest income from the delayed payments, thus enhancing cash flow and potentially improving financial metrics. On the other hand, creditors being paid late lose out on discounts and may face reputational harm if their payments are perceived as delayed or malicious. Employees and management may benefit from the company's improved financial position, but only at the expense of ethical standards, which, if compromised, can lead to long-term reputational damage. Regulatory bodies and auditors are also stakeholders, as such deception could breach accounting standards and legal requirements, leading to sanctions or loss of trust. Customers, investors, and the wider community rely on truthful financial reporting; unethical payment practices threaten this trust and can lead to financial penalties and legal consequences.

Thus, while the company's short-term benefits seem evident, the ethical ramifications extend to broader stakeholder groups, emphasizing the need for ethical consistency and integrity.

Should Tiffany Continue the Practice? Does She Have a Choice?

Tiffany faces an ethical crossroads. According to professional ethical standards, such as those outlined by the American Institute of Certified Public Accountants (AICPA), she has both an obligation and a choice to act ethically. Continuing the practice would involve deliberate deception, contravening principles of honesty and integrity. Given her professional responsibilities, she does have a choice: she can refuse to participate in unethical practices, assert her ethical obligations, and advocate for transparency.

However, her ability to change practice may also be constrained by organizational culture, management pressure, or fear of repercussions. Nonetheless, ethical standards emphasize that professionals should uphold integrity even under organizational pressure, and refusal to participate in unethical acts is, in essence, an act of professional courage aligned with ethical standards.

Relevant Code of Conduct Principles and Ethical Guidance

The American Institute of Certified Public Accountants (AICPA) Code of Professional Conduct emphasizes principles such as integrity, objectivity, and due care. The principle of integrity mandates that members should be honest and candid in their professional work. In addition, the International Ethics Standards Board for Accountants (IESBA) Code reinforces the importance of integrity and honesty, explicitly warning against participating in or enabling fraudulent or deceptive practices.

The relevant principle from AICPA's Code (5080.4) states: "Members should perform professional responsibilities with the highest sense of integrity." This principle guides Tiffany to uphold truthfulness and to refrain from engaging in or facilitating unethical acts.

The URLs for these standards are accessible through the AICPA’s official website:

https://www.aicpa.org/research/standards/codeofconduct.html

Step-by-Step Action Plan Based on Ethical Principles

1. Evaluate the Situation: Tiffany should thoroughly review company policies and consult the AICPA and IESBA codes to understand the ethical implications of continuing the current practice.

2. Document Concerns: She must document her observations and any instructions received that promote unethical practices, creating an audit trail that can be referenced later if needed.

3. Seek Clarification and Advice: Tiffany should responsibly raise her concerns with her supervisor or the company's ethics or compliance officer, highlighting how the practice might conflict with ethical standards and legal requirements.

4. Refuse to Participate in Deception: If instructed to continue delaying payments dishonestly, she should clearly communicate her commitment to ethical standards and refuse to participate in such practices.

5. Propose Alternative Solutions: Tiffany can suggest ethical alternatives, such as paying bills promptly to maintain good relationships with creditors, which could still align with the company's financial goals.

6. Escalate If Necessary: If management refuses to change unethical practices, Tiffany should consider escalating the matter to higher authorities within the organizational hierarchy or external bodies such as professional associations or regulatory agencies.

7. Obtain External Support: Consulting with a professional ethics advisor or legal counsel can provide additional guidance, ensuring her actions align with professional and legal standards.

8. Implement Ethical Changes: Actively participate in implementing transparent and ethical payment practices, and encourage colleagues to adhere to similar standards.

9. Maintain Confidentiality and Professionalism: Throughout the process, Tiffany must uphold confidentiality and professionalism to protect her reputation and ensure her ethical stance is clear and firm.

10. Reflect and Continue Ethical Vigilance: Tiffany should continuously monitor her organization's compliance with ethical standards and be prepared to act decisively whenever unethical behavior is encountered.

Conclusion

The ethical considerations in Tiffany’s case reflect the importance of integrity, honesty, and professional responsibility in accounting. While organizational pressures may tempt professionals to engage in questionable practices, adherence to ethical standards and codes of conduct is paramount for sustaining trust and credibility in the profession. Tiffany's obligation is to prioritize ethical principles, advocate for transparent practices, and act courageously to uphold the integrity of financial reporting. This approach not only aligns with professional standards, such as those established by the AICPA and IESBA, but also supports the long-term health and reputation of her organization and profession.

References

  1. Accountant Ethics and Professional Responsibilities. (2020). American Institute of Certified Public Accountants. https://www.aicpa.org/research/standards/codeofconduct.html
  2. Grand Canyon University. (2018). Collaboration and Communication Action Plan Template. https://www.gcu.edu
  3. Weygandt, J. J., Kimmel, P. D., & Kieso, D. E. (2018). Accounting principles (13th ed.). Wiley.
  4. International Ethics Standards Board for Accountants (IESBA). (2018). Code of Ethics for Professional Accountants. https://www.ifac.org/publications-resources/2018-code-ethics-professional-accountants
  5. Codes of Ethics for Accountants. (2021). International Federation of Accountants. https://www.ifac.org
  6. Fernandez, S. (2019). Ethical dilemmas in financial reporting: A qualitative analysis. Journal of Business Ethics, 154(4), 921–935.
  7. Shim, J. K., & Siegel, J. G. (2019). Financial statement analysis. Barron’s Educational Series.
  8. Gaa, J. C., & Howard, R. A. (2020). Ethical decision making in accounting. Journal of Accounting Education, 42, 1–12.
  9. Adams, C. A., & Thornton, D. (2018). Corporate reporting that matters: A commentary on ethics and sustainability. Accounting, Auditing & Accountability Journal, 31(7), 1830–1833.
  10. Murphy, T. (2021). The role of auditors in detecting and preventing financial fraud. Journal of Forensic & Investigative Accounting, 13(2), 250–262.

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