Ethics and Financial Management

timer Asked: Dec 23rd, 2017
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Question description

Assignment Choice #1: Ethical Dilemma

Reference Case Study 10-51 in the textbook.

Today you had lunch with your friend Sarah Teasdale. Sarah has worked with Zaird & Associates, CPAs, for about two years. You’ve been with Zaird for only nine months. You discussed with her your difficulties in getting jobs done in the budgeted number of hours. Sarah said, “Yeah, that’s a problem. You’ll get quicker with experience, but—don’t tell anyone I told you this—some of those audit programs are pretty awful and include some pretty outdated and even some stupid procedures. Sometimes I just sign the program, but skip doing the procedure. I don’t do this often, but sometimes the procedure isn’t capable of detecting anything.” You said little to her after this, but are now thinking about whether you need to become more “practical” about how you perform your work.

  1. Identify your problem here.
  2. dentify your possible courses of action. For each of these courses, identify any constraints relating to the decision (e.g., personal standards, societal norms, professional ethical standards, other professional standards) and analyze the course of action’s likely effects.
  3. Select the best course of action.

Your paper should be 3-4 pages in length. Follow APA format, according to CSU-Global Guide to Writing and APA Requirements. Include a title page and reference page. Use two outside academic sources other than the textbook, course materials, or other information provided as part of the course materials.

Tutor Answer

Chancellor Ivy
School: University of Maryland



Ethics and Financial Management
Institutional Affiliation



Ethical dilemmas are often experienced in a professional organization and will be
encountered by internal auditors. The internal auditors of a company have to apply various
principles found under the code of ethics that will not only encourage the auditors to be
competent but will also want confidentiality, objectivity, and integrity to be maintained.
When one or two or all of the principles are absent, then an ethical dilemma shall be
experienced within the organization, which in this case study will be Zaird & Associates,
CPAs (García-Marzá, 2005).
The problem identified in this case study will be a lack of competency. Sarah who has
worked for the Associates firm is not competent. The level of competency needed in auditing
will require the auditor to employ the knowledge learned in school and through experience,
where the knowledge and skills will be necessary to ensure that the performance of the audit
services is efficient. Additionally, the auditing should be done as per what the standards of
internal auditing will dictate. It should be not only proficient but also practical, and the

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