Dougs solution is not ethical. A professional in the accounts field should act in an ethical manner and required to comply with the set fundamental principles. These include:
Integrity one should exhibit integrity in all his/her operations. This includes being straightforward and honest while handling all business and professional relationships. However, this is not the case for Doug; his honesty is questionable where he asks Tonya to keep separate books of accounts.
Objectivity it is about sticking to the correct ways of doing something without allowing bias, conflict of interest and undue influence to interfere with professional/business judgements. Doug fails to uphold this when he allows current market trends interfere with the ethical nature of doing things.
Professional behavior this is expected by all professions; to comply with relevant laws and avoid any malicious actions that may discredit the profession. Dougs solution does not exhibit professionalism.
Suppose that Tonya decide that Dougs solution is not right and objects strongly. Further suppose that, despite Tonyas objection, Doug insists strongly on implementing the action. What should Tonya do?
Tonya should stick to her ethical standards and refuse to be coerced into implementing any action that may discredit her professionalism. In the event that Doug insists on his decision, Tonya should consult and inform top level management such as the overall manager who is higher in power to Doug.
Additionally, what standards of ethical conduct for managerial accountants (AICPA and/or IMA) would apply to this scenario? Support your analysis with at least 2 scholarly resource sources.
Competence managerial accountants are required to maintain a certain level of professional competence. This means they will be performing their professional tasks in agreement with relevant laws, standards and regulations. This also includes the preparation of clear reports and financial statements that reflect the true and fair view of a business enterprise. The information should be true and reliable free from any form of biasness or conflict of interest CITATION Moy \l 1033 (Moyes & Park).
Integrity managerial accountants should refrain from any transaction or dealings that may discredit their professionalism. Any activity that has the capability of influencing professional judgement should be refrained from. Conflict of interest should be avoided at all costs and at any instance this should not influence decisions made CITATION Roc94 \l 1033 (Vanasco, 1994).
BIBLIOGRAPHY Moyes, G. D., & Park, K. (n.d.). Chief Financial Officers' Perceptions Concerning the IMA's Standards of Ethical Conduct. Journal of Business Ethics, 189-194.
Vanasco, R. R. (1994). The audit committee : an international perspective. Managerial auditing journal, 18-42.
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