Harvard Case - Guiding Professional Accountants to Do The Right Thing
"Guiding Professional Accountants to Do The Right Thing" Harvard business case study is written by Paul M. Healy, V.G. Narayanan, Penelope Rossano. It deals with the challenges in the field of Accounting. The case study is 11 page(s) long and it was first published on : Mar 18, 2015
At Fern Fort University, we recommend a comprehensive program to guide professional accountants towards ethical decision-making and promote a culture of integrity within the accounting profession. This program will encompass a multi-pronged approach, focusing on education, training, ethical frameworks, and accountability mechanisms.
2. Background
The case study 'Guiding Professional Accountants to Do The Right Thing' highlights the ethical dilemmas faced by accountants in various situations. It centers around the experiences of a young accountant, Sarah, who encounters pressure to manipulate financial statements and engage in questionable accounting practices. The case study emphasizes the importance of ethical decision-making in the accounting profession and the need for robust mechanisms to prevent and address ethical breaches.
The main protagonists are Sarah, a young accountant facing ethical challenges, and her manager, John, who pressures her to compromise her ethical principles. The case study also explores the role of the company's leadership and the broader ethical climate within the organization.
3. Analysis of the Case Study
This case study can be analyzed through the lens of several frameworks, including:
- Ethical Frameworks: The case study highlights the importance of ethical decision-making frameworks like utilitarianism, deontology, and virtue ethics. Sarah's internal struggle reflects the conflict between maximizing profits (utilitarianism) and adhering to ethical principles (deontology) and professional standards.
- Corporate Governance: The case study underscores the role of effective corporate governance in fostering ethical behavior. The lack of a clear ethical code, weak internal controls, and a culture of pressure to meet financial targets contribute to the ethical challenges faced by Sarah.
- Financial Statement Analysis: The case study emphasizes the importance of accurate and transparent financial reporting. The pressure to manipulate financial statements highlights the potential consequences of unethical accounting practices on stakeholders, including investors, creditors, and regulators.
- Change Management: The case study emphasizes the need for effective change management strategies to promote ethical behavior within organizations. Implementing a robust ethics program requires clear communication, training, and support for employees to adapt to new ethical standards and procedures.
4. Recommendations
To guide professional accountants towards ethical decision-making, Fern Fort University recommends the following:
1. Enhance Ethical Education and Training:
- Curriculum Development: Incorporate ethics as a core component of accounting curricula, covering ethical frameworks, professional standards, and real-world case studies.
- Continuing Professional Development (CPD): Mandate regular CPD programs focusing on ethical decision-making, fraud detection, and professional responsibility.
- Ethics Workshops and Seminars: Offer interactive workshops and seminars to provide practical guidance on navigating ethical dilemmas and developing ethical judgment.
2. Establish Strong Ethical Frameworks:
- Code of Ethics: Develop and implement a clear and comprehensive code of ethics that outlines ethical principles, values, and expected behavior for all accounting professionals.
- Whistleblower Protection: Establish robust whistleblower protection mechanisms to encourage employees to report ethical violations without fear of retaliation.
- Ethical Decision-Making Tools: Provide accountants with practical tools and resources to aid in ethical decision-making, such as ethical decision-making models, ethical checklists, and access to ethical guidance resources.
3. Foster a Culture of Integrity:
- Leadership Example: Promote ethical leadership by setting a strong ethical example and demonstrating a commitment to ethical conduct at all levels of the organization.
- Open Communication: Encourage open communication and dialogue about ethical issues, fostering a culture where employees feel comfortable raising concerns and seeking guidance.
- Employee Incentives: Align employee incentives with ethical behavior, rewarding ethical conduct and discouraging unethical practices.
4. Strengthen Internal Controls and Accountability:
- Internal Audit Function: Establish a strong and independent internal audit function to review financial reporting, identify potential ethical violations, and assess the effectiveness of internal controls.
- Financial Reporting Oversight: Implement robust financial reporting oversight mechanisms, including independent audits and review by audit committees.
- Accountability and Consequences: Clearly define consequences for ethical violations, including disciplinary actions, potential legal repercussions, and reputational damage.
5. Basis of Recommendations
These recommendations are based on the following considerations:
- Core Competencies and Consistency with Mission: The recommendations align with the core competencies of the accounting profession, emphasizing professional integrity, ethical decision-making, and adherence to professional standards.
- External Customers and Internal Clients: The recommendations aim to protect the interests of all stakeholders, including investors, creditors, and employees, by ensuring accurate and transparent financial reporting and promoting a culture of ethical behavior.
- Competitors: The recommendations aim to establish a competitive advantage by demonstrating a strong commitment to ethical practices, building trust among stakeholders, and mitigating risks associated with unethical behavior.
- Attractiveness ' Quantitative Measures: The recommendations are expected to contribute to increased stakeholder confidence, improved financial performance, and reduced risk of legal and reputational damage.
6. Conclusion
By implementing these recommendations, Fern Fort University can effectively guide professional accountants towards ethical decision-making, promote a culture of integrity within the accounting profession, and contribute to the overall ethical health of the business world.
7. Discussion
Alternative approaches to addressing ethical challenges in the accounting profession include:
- Mandatory Ethics Training: Requiring all accounting professionals to complete mandatory ethics training programs.
- Increased Regulatory Oversight: Enhancing regulatory oversight of the accounting profession, including stricter enforcement of ethical standards and penalties for violations.
- Public Awareness Campaigns: Launching public awareness campaigns to educate stakeholders about the importance of ethical accounting practices.
The recommendations presented in this case study solution are based on the assumption that professional accountants are motivated by a desire to act ethically and that they are willing to embrace ethical principles and practices. However, there is a risk that some accountants may continue to prioritize personal gain or organizational goals over ethical considerations.
8. Next Steps
To implement the recommendations, Fern Fort University should establish a dedicated task force to oversee the development and implementation of the ethics program. This task force should include representatives from the university's accounting faculty, industry professionals, and ethical experts.
Timeline:
- Year 1: Develop and implement a revised accounting curriculum incorporating ethics as a core component.
- Year 2: Launch mandatory ethics training programs for all accounting students and professionals.
- Year 3: Establish a formal ethics code and whistleblower protection mechanisms.
- Year 4: Implement a comprehensive internal audit function and strengthen financial reporting oversight mechanisms.
- Ongoing: Continuously monitor and evaluate the effectiveness of the ethics program, making adjustments as needed.
By taking these steps, Fern Fort University can play a vital role in shaping a more ethical and responsible accounting profession.
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Case Description
The Ethics Advisory Committee of the Institute of Chartered Accountants in England and Wales (ICAEW) provides training and support for member Chartered Accountants to help them deal with difficult professional situations. Members can seek help through through call centers and in person meetings with accounting experts in the field to discuss how to best handle difficult situations. In addition, the Ethics Advisory Committee meets regularly to identify new issues that raise questions for professional standards. This case examines professional standards for ICAEW Chartered Accountants and a number of challenging ethical situations that members have faced.
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