Portfolio Project- Development of an Ethics Foundation: A Case Study-HighTech, Inc.

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ratvarahzoreavar21

Business Finance

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Please ensure that you can actually correctly complete this assigment. I need a good grade!

Identify the issues, define your ethical decision-making model and ethical theory, explain the options and consequences, and pick the solution you would choose, and why, for the following situation:

Sally, controller and CPA, has been working hard to finish the year-end financial statements for HighTech, Inc. HighTech, Inc. provides social media relationships between users by focusing on up-to-the-minute communications on events—kind of like Instagram. This year is a critical year for the firm. The company is expected to make a profit after five years of product development and losses. In working to complete the year-end financials, Sally finds out that the figures are not logical. In fact, it seems that the company has overstated assets and income by $300 million. Based upon the short investigation that she has been able to complete, it seems that both the CEO and CFO have signed and approved some documents that have inflated the numbers. The documents indicate a realization and recording of the social media customer valuation of future sales into the present accounting period. Every social media customer for the firm generates advertising revenue equal to $5.00 per year. The documents indicate that the social media customer revenue for the year was increased to $7.00 per customer. The incremental revenue was booked on December 30. This lead to an increase in revenue of $300 million and accrual Long Term Account Receivable of $300 million.

Sally is pressured by time (a filing deadline is tomorrow, to get the financial information finalized and printed for the shareholders’ meeting) and the following other considerations:

The shareholders have been promised that an Initial Public Offering (IPO) of the company will be done within the next year. The original founders of the firm are looking at the coming year to issue the IPO. Morgan Stanley has been hired to provide the financial advice on the IPO issuance. The benefits to the stockholders are in the millions.
Sally is a go-getter; she wants to succeed in the company. She sees herself as a CFO in the future. Sally has been with the company for five years. She was one of the first employees hired. She has had excellent annual performance reviews. Upper management sees Sally as part of the team.

Sally is a CPA. She has joined the state CPA organization and the AICPA organization. She has viewed and passed the AICPA Code of Professional Conduct Certification.

Sally has personal pressures since she recently bought a new $500,000 house using all her savings as a down payment, $100,000. Further, her husband recently has taken an unpaid leave from his job due to a difficult illness and medical bills are mounting. He fell at work and needed serious back surgery. He needs special nursing care during the day. Sally helps at night as much as she can.

The banks have been patient in providing lending during the rough times but will declare the loans in default and demand immediate repayment if the numbers are not near breakeven.

Answer the following questions:

  • Based on the above given information, what should Sally do?
  • What might be the duty of professional responsibility as a CPA and member of the AICPA?
  • What might Sally’s responsibility to herself be to provide the highest work with integrity, honesty, trustworthy, and transparency?
  • Does Sally have a responsibility to her firm to follow the directions of the president? If yes or no, provide rationale.
  • What standard of rules might help Sally to complete the assignment?
  • What might be the consequences if Sally completes the financial statements within the timeframe and breakeven?

Requirements:

  • Your written paper should be 8 pages in length not counting the title and reference pages, which you must include.
  • Integrate concepts, terms, and theories from the readings and modules contents.
  • You need to cite at least five sources for this portfolio project, outside of the textbook. Four of these sources must come from academic journals.
  • Your paper must be formatted according to the APA
  • Review the grading rubric attached

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ACT560: Portfolio Project Rubric Criteria Meets Expectation Content, Research, and Analysis 33-40 Points Content Demonstrates strong or adequate knowledge of ethics in accounting; correctly represents knowledge from the readings and sources. 25-30 Points Requirements The Portfolio includes all of the required components, as specified in the assignment. 49-60 Points Decision Making Demonstrates strong or adequate thought and insight in decision making. 49-60 Points Analysis Provides strong or adequate thought, insight, and analysis of concepts and applications regarding ethics in accounting. 49-60 Points Synthesis and Demonstrates Evaluation strong or adequate synthesis and evaluation of course concepts. 13-15 Points Sources Cites and integrates at least Approaches Expectation Below Expectation Limited Evidence 25-32 Points Some significant but not major errors or omissions in demonstration of knowledge. 17-24 Points Major errors or omissions in demonstration of knowledge. 9-16 Points Fails to demonstrate knowledge of the materials. 19-24 Points The Portfolio includes most of the required components, as specified in the assignment. 37-48 Points Some significant but not major errors or omissions in decision making. 13-18 Points The Portfolio includes some of the required components, as specified in the assignment. 25-36 Points Major errors or omissions in decision making. 7-12 Points The Portfolio includes few of the required components, as specified in the assignment. 13-24 Points Fails to demonstrate decision making. 37-48 Points Some significant but not major errors or omissions in thought, insight, and analysis. 25-36 Points Major errors or omissions in thought, insight, and analysis. 13-24 Points Fails to demonstrate thought, insight, and analysis. 37-48 Points Some significant but not major errors or omissions in synthesis and evaluation. 10-12 Points Cites and integrates three credible sources. 25-36 Points Major errors or omissions in synthesis and evaluation. 13-24 Points Fails to demonstrate synthesis and evaluation. 7-9 Points Cites and integrates two credible source. 4-6 Points Cites and integrates no credible sources. ACT560: Portfolio Project Rubric five credible sources. 13-15 Points Application of Sources are well or Source Material adequately chosen to provide substance and perspectives on the issue; knowledge from the course linked properly to source material. Mechanics and Writing 17-20 Points Organization Project is clearly organized, well written, and in proper essay format including an introduction, body, and conclusion. Conforms to project requirements. 17-20 Points Grammar and Strong sentence Style and paragraph structure; few or no minor errors in grammar and spelling; appropriate writing style; clear and concise with no unsupported comments. 25-30 Points 10-12 Points Some significant but not major problems with selection and linkage of sources. 7-9 Points Major problems with selection and linkage of sources. 4-6 Points Source selection is seriously flawed; no linkage to knowledge from the course. 13-16 Points Small number of significant but not major flaws in organization and writing; is in proper essay format. In a minor way does not conform to project requirements. 9-12 Points Major problems in organization and writing; does not completely follow proper essay format. In a significant way does not conform to project requirements. 5-8 Points Project is not well organized or well written and is not in proper essay format. Does not conform to project requirements. 13-16 Points Small number of significant but not major errors in grammar and spelling; generally appropriate writing. 9-12 Points Inconsistent to inadequate sentence and paragraph development; work needed on grammar and spelling; does not meet program expectations. 5-8 Points Poor quality; unacceptable in terms of grammar and/or spelling; inappropriate writing style that interferes with clarity. 19-24 Points 13-18 Points 7-12 Points ACT560: Portfolio Project Rubric Demonstrates proper use of APA style. Project contains proper APA formatting, according to the CSU-Global Guide to Writing and APA Requirements, with no more than one significant error. Total points possible = 350 Few errors in APA formatting, according to the CSU-Global Guide to Writing and APA Requirements, with no more than two to three significant errors. Significant errors in APA formatting, according to the CSU-Global Guide to Writing and APA Requirements, with four to five significant errors. Numerous errors in APA formatting, according to the CSU-Global Guide to Writing and APA Requirements, with more than five significant errors.
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