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Ethical Dilemma a. Does Terry's scheme affect Fairwell'ss balance sheet? Explain your answer.
Absolutely, Terry's actions have reduced cash, one of the most valued assets of a company.
Review the AICPA Articles and of Professional Conduct and comment on any of the standards that have been violated.
Terry has violated all AICPA articles:
She has exercised poor professional and moral judgment by stealing.
Terry has violated the trust of her managers and coworkers.
She has also violated the trust of external stockholders who depend on the company having adequate internal controls.
Terry's actions represented her own self-interest which conflicted with those of Fairwell.
Article 5: By stealing, an illegal activity, Terry has violated all professional, technical and ethical standards and has behaved irresponsibly.
Article 6: She has ignored the principles of the Code of Professional Conduct.
c. Donald Cressey identified three common features of unethical and criminal conduct. Name these features and explain how they pertain to this case.
The existence of a non-sharable problem: Terry's actions were based on her belief that no one would find out. She only performed her actions for a limited time to limit the chances of discovery.
The presence of an opportunity: Terry took advantage of an opportunity that presented itself because of poor Internal Control procedures, most notably poor separation of duties.
The Capacity of Rationalization: Terry acted because of her own personal family needs that had arisen due to medical bills. She also acted out of a sense of entitlement, believing that she had deserved a raise and had not received it. Her actions could also be construed as a form of revenge for not receiving what she believed was fair compensation.
d. What Internal Control procedures should be put into place?
Most notably, Fairwell needs better separation of duties. Terry's ability to process terminations, approve timecards and distribute paychecks leaves the company with a poor set of checks and balances for payroll controls. The company should also implement better monitoring procedures to prevent fraud as indicated by Terry's high degree of confidence that she would not get caught. More frequent, unannounced spot audits might dissuade employees from unethical conduct.
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