Essay: Impact of Auditing Ethics on Stakeholders

Sample Essay

The impact of the scenario under discussion on the stakeholders can only be analyzed if the stakeholders are recognized properly. In the case at hand there are three major stakeholders who are affected. Daniel Potter is the first stakeholder in this case as he is highly affected by this situation. The second and third stake holders are the accounting firm and the real estate subsidiaries respectively. The table given below reflects the interest, influence, urgency and importance of each stake holder.

It can be seen that the influence and urgency for Daniel Potter is quite high as the clean report which was replaced by the manager could result in a lawsuit against the company and Potter would be held responsible personally as he was the person conducting the audit of financial statements of the real estate concern. The accounting profession demands honesty and integrity in representation so Potter would also be held responsible by the accounting regulatory authorities. Another aspect of the situation for Potter if he lets the situation go unreported is that the company will manage to acquire an important client account but the promotion that Potter expects could be jeopardized as his manager has also included negative remarks on his performance with the audit report.

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