Essay: Accounting and Auditing Ethics

Sample Essay

Introduction

The case at hand relates to issues of ethics in accounting and auditing and deals with the predicament of Daniel Potter, an accountant working for a large accounting firm Baker Greenleaf. During the audit of a real estate subsidiary of an important client he comes across an improper declaration of a disregarded property in an unappealing area. The value of this asset has been overstated by $1,900,000 which is quite large considering the impact of this amount on the company’s financial statements.

The management of the company does not wish to lower the reported value of the property and gives justification that the company wishes to rent the property out. Daniel wants to report this matter and issue a qualified report while Daniel’s manager Oliver Freeman and the management of the client company have an opposing view. The management of the real estate subsidiary does not wish to decrease the value of the property and Oliver wants Daniel to issue a clean report.  Daniel follows his own instincts and submits a qualified report but his manager replaces the original report with a clean report and submits a negative performance report for Daniel. Daniel now has to plan on the action he can take in order to get out of this predicament.

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