Solving Ethical Dilemmas
Solving Ethical Dilemmas in the Accounting Profession
LaKeesha Lawler
ACC/260
January 14, 2011
Dan Jensen
Solving Ethical Dilemmas in the Accounting Profession
The Dilemma of an Accountant
Baker Greenleaf was one of the Big Eight accounting firms. Daniel Potter was a highly ethical accountant that placed a lot of value on integrity. He was hired to work as an accountant for the firm. Baker like many other firms was faced with a dilemma that tested the firm’s ethical standings. Even though a firm may be faced with a difficult decision, the firm’s ethical standing helps determine the best ethical decision for each situation. To reach the best ethical decision it is best to use philosophical approaches in addition to the stakeholder impact analysis.
Firms face dilemmas daily, which is why it is essential that employees have a fair understanding of ethics and how they apply to business. The study of ethics involves the approaches of principles or standards, which are used in businesses during the decision-making process (Decision-Making-Solutions, 2008).
The use of philosophical approaches and the stakeholders impact analysis helps to focus on the impact the decisions will have on the stakeholders, which help to ensure that the attention is not solely focused on profits but ethical aspects as well. Some businesses concentrate on the amount of profit whereas a business that implements ethics focuses on not only the amount of profit but also how that profit was achieved (Businessballs, 2006-2010). A business just as concerned about how the profit is generated as it is about the amount of profit is more likely to make better ethical decisions concerning the business, stakeholders, and public interest.
The Dilemma
The Firm, Baker Greenleaf, was faced with a dilemma when the firm realized that an account that it previously shared with another Big Eight accounting firm was facing a situation that needed a special audit (Brooks, 2007).
LaKeesha Lawler
ACC/260
January 14, 2011
Dan Jensen
Solving Ethical Dilemmas in the Accounting Profession
The Dilemma of an Accountant
Baker Greenleaf was one of the Big Eight accounting firms. Daniel Potter was a highly ethical accountant that placed a lot of value on integrity. He was hired to work as an accountant for the firm. Baker like many other firms was faced with a dilemma that tested the firm’s ethical standings. Even though a firm may be faced with a difficult decision, the firm’s ethical standing helps determine the best ethical decision for each situation. To reach the best ethical decision it is best to use philosophical approaches in addition to the stakeholder impact analysis.
Firms face dilemmas daily, which is why it is essential that employees have a fair understanding of ethics and how they apply to business. The study of ethics involves the approaches of principles or standards, which are used in businesses during the decision-making process (Decision-Making-Solutions, 2008).
The use of philosophical approaches and the stakeholders impact analysis helps to focus on the impact the decisions will have on the stakeholders, which help to ensure that the attention is not solely focused on profits but ethical aspects as well. Some businesses concentrate on the amount of profit whereas a business that implements ethics focuses on not only the amount of profit but also how that profit was achieved (Businessballs, 2006-2010). A business just as concerned about how the profit is generated as it is about the amount of profit is more likely to make better ethical decisions concerning the business, stakeholders, and public interest.
The Dilemma
The Firm, Baker Greenleaf, was faced with a dilemma when the firm realized that an account that it previously shared with another Big Eight accounting firm was facing a situation that needed a special audit (Brooks, 2007).
References: Brooks, L. J. (2007). Business & professional ethics for directors, executives, & accountants (4th ed.). Mason, OH: Thomson Southwestern. Businessballs. (2006-2010). Ethical leadership, decision-making, and organizations. Retrieved from http://www.businessballs.com/ethical_management_leadership.htm. Decision-Making-Solutions. (2008). Addressing ethics in decision making. Retrieved from http://www.decision-making-solutions.com/ethics_in_decision_making.html.