ACCT450-1203B-01 Business and Professional Ethics for Accountants AssignmentName: Unit 1 Discussion Board Deliverable Length: 400–500 words Details: Assume that you are the controller for a small...

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ACCT450-1203B-01 Business and Professional Ethics for Accountants
AssignmentName:Unit 1 Discussion Board
Deliverable Length:400–500 words
Details:Assume that you are the controller for a small manufacturing company. You became aware that the accounts receivable clerk may be incorrectly applying cash receipts and credit memos to the same customer. Other employees who suspect the wrong acts have communicated their concerns directly to you and the Chief Financial Officer. The CFO has directed you to address this issue immediately and to contact the internal audit department for its assistance if you feel it is necessary. Prior to contacting them, you decide to do some research to determine how internal auditors can assist your company in maintaining an ethical environment.
In this discussion with the CFO, you need to attend to the following:

  • Describe your assessment of the role that internal auditors have when dealing with ethical issues in your company.

  • Do you feel that you could handle this type of matter by yourself, or should you involve the internal audit department? Note: Consider using the four-step process to making an ethical decision.

    • If you inform the internal auditors, what is your responsibility for working with them?

    • If you handle it yourself, what are the steps that you would follow to make sure that you dealt with this situation in an ethical manner?




The following grading criteria will apply to this assignment:

Grading Criteria


40%

Describe your assessment of the role that internal auditors have when dealing with ethical issues in your company.

40%

Do you feel that you could handle this type of matter by yourself, or should you involve the internal audit department? Note: Consider using the four-step process to making an ethical decision.

  • If you inform the internal auditors, what is your responsibility for working with them?

  • If you handle it yourself, what are the steps that you would follow to make sure that you dealt with this situation in an ethical manner?


20%

Post a response to the Discussion Board, and comment on other postings.







Objective:? Improve oral and written communication skills through class discussions, cases analyses, formal and informal presentations, and group and written assignments
? Understand professional ethics for accountants in other areas including management accounting, internal auditing, and not-for-profit accounting.
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Answered Same DayDec 29, 2021

Answer To: ACCT450-1203B-01 Business and Professional Ethics for Accountants AssignmentName: Unit 1 Discussion...

Robert answered on Dec 29 2021
131 Votes
Role of internal auditors in dealing with ethical issues of an organization
Role of internal auditors in dealing with
ethical issues of an organization
Role of internal auditors in dealing with ethical issues of an organization
2 | P a g e

 In order to run a company, irrespective of the fact whether it is one of the biggest
retailing conglomerates or a small manufacturing industry, certain ethical standards are to
be maintained. Every unit of the corporation, from production department to marketing
department to internal auditing department, has a role to play in dealing with the ethical
issues arising in the organization and dealing with them in the right manner possible.
Talking about the internal auditing department of an organization, its main focus lies on
the aspect of how operations of an organization can be improved significantly keeping in
mind corporate governance objectives of an organization, so that at the end of the day,
the company re-structures its policies and practices for its higher profitability and better
work results. Subjecting the fact that internal auditing departments have a major role to
play in dealing with the ethical issues of the company, it can be stated that internal
auditors need to ensure that in an organization the existence of corporate governance
exists prima facie. The corporation should work to...
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