You are a CIMA member who has recently joined a limited company that processes food. The...

You are a CIMA member who has recently joined a limited company that processes food. The company is effectively run by one director. The other directors are non-executive and all have close personal relationships.As a key member of the finance team you have discovered that some employees are being paid cash in hand and not via the formal payroll. You also have suspicions that some of these people are being employed illegally and you have no records of their formal employment documents or contracts.What would you do?

answer the above question and back up your answer with logical reasoning. Include a comment to EACH of the 5 critical pieces of ethics (INTEGRITY, OBJECTIVITY, PROFESSIONAL COMPETENCE, CONFIDENTIALITY and PROFESSIONAL BEHAVIO);how they would be disregarded, and what would make it right? Minimum of 250 words is required.

Expert Solution

There are 2 concerns:

The paying process
The employment of some current employees

These two problems are connected. The reason these employees are being paid cash in hand rather than the formal payroll is possibly because they are illegally employed with no employment contracts.

You keep thinking about it and have doubts about whether you should speak out or not.

COMMENT TO EACH OF 5 CRITICAL PIECES OF ETHICS:

1. Integrity: You should be honest to yourself. The only way to free you mind from your suspicions is be straightforward and faithful with the management.

2. Objectivity: You should collect all the facts before making the decisions in order not to compromise you objectivity.

3. Professional competence and due care: All you actions and decisions should comply with relevant legislation and professional standards of a CIMA professional accountant.

4. Confidentiality. If you are unable to resolve the issue internally you may need to consult externally, particularly if legal requirements are being breached.

5. Professional behaviour. You will need to bring to the attention of the management the risks and also the need to act within the law and fairly with employees.

ekkarill92 answered 2 years ago

You have recently joined Star Technical Solutions as an information security officer. The company has been...

You have recently joined Star Technical Solutions as an information security officer. The company has been using SSL in a business-to-business environment for a number of years. Despite the fact that there have been no compromises in security, you want to use another protocol which offers stronger security than SSL. Which protocol is similar to SSL but offers stronger security? Justify your answer by comparing the features of SSL and your proposed protocol in a tabular form. b) One of...

You have recently joined Star Technical Solutions as an information security officer. The company has been...

You have recently joined Star Technical Solutions as an information security officer. The company has been using SSL in a business-to-business environment for a number of years. Despite the fact that there have been no compromises in security, you want to use another protocol which offers stronger security than SSL. Which protocol is similar to SSL but offers stronger security? Justify your answer by comparing the features of SSL and your proposed protocol in a tabular form.

Arham has recently joined as a purchase manager at Cripple Technologies Company in Muscat, Sultanate of...

Arham has recently joined as a purchase manager at Cripple Technologies Company in Muscat, Sultanate of Oman. He got request from the various departments that they need additional computers. He analyzed all requirements and finally decided to place orders for 100 computers. Cripple Technologies Company has the bidding policy for selecting the best tender, where they take proposals from different computer suppliers. After analyzing all the proposal they finalize the deal. Arham's son (Jasem) works at Fiddley Computer Corporation in...

Your friend Mr. Fawad has recently joined a multinational company as an Asst. Manager. He has...

Your friend Mr. Fawad has recently joined a multinational company as an Asst. Manager. He has observed his Manager indulging into taking bribe at times. Mr. Fawad overheard on the phone his manager leaking company’s private information with the competitors. Fawad’s promotion can be decided only by this Manager. If Mr. Fawad doesn’t keep him happy, he will have to forget his promotion. If new Manager comes, Fawad’s promotion will be postponed for a very long time till he satisfies...

3 ID Limited (ID) has recently been incorporated as a private limited company and carries on...

3 ID Limited (ID) has recently been incorporated as a private limited company and carries on fashion business. Donald is very experienced in this field and is employed by ID as an agent to purchase fashion clothes. Recently Donald has signed a contract with E Bop Limited (E Bop) for purchase of jewelry which has not been previously authorized by the company. Advise the legal position of ID, in particular the rights and liabilities it may have under the contract...

You have recently joined the international audit team at a large company responsible for janitorial work...

You have recently joined the international audit team at a large company responsible for janitorial work at many different local businesses. Because of the significant number of consumables used in janitorial work, your company has a large purchasing department. You have been asked to analyze the purchases data set for potential frauds. Steps/Questions 6. Analyze the Product Price column from each company using Benford’s Law. Analyze only the first digit of the column. On average, do nay of the vendors...

You have recently joined the international audit team at a large company responsible for janitorial work...

You have recently joined the international audit team at a large company responsible for janitorial work at many different local businesses. Because of the significant number of consumables used in janitorial work, your company has a large purchasing department. You have been asked to analyze the purchases data set for potential frauds. Steps/Questions 5. Verify the values in the Quantity and Total columns. Are any missing or abnormal values present?

3 ID Limited (ID) has recently been incorporated as a private limited company and carries on fashion...

3 ID Limited (ID) has recently been incorporated as a private limited company and carries on fashion business. Donald is very experienced in this field and is employed by ID as an agent to purchase fashion clothes. Recently Donald has signed a contract with E Bop Limited (E Bop) for purchase of jewelry which has not been previously authorized by the company. Advise the legal position of ID, in particular the rights and liabilities it may have under the contract with E...

1-You have a job at a large company that processes food. You are testing the concept...

1-You have a job at a large company that processes food. You are testing the concept of radiating vegetables with electrons to kill bacteria present before shipping. To build the test apparatus you need to calculate a voltage difference that should be maintained between the two ends of the electron accelerator tube. You also want you to decide which region should be maintained at higher electric potential, the starting location or the target location of the accelerator tube. Based on...

You are a sales representative for a data management company who has recently closed a high...

You are a sales representative for a data management company who has recently closed a high value sale with a business who now exclusively uses your organization's data management solutions. Outline a one page plan on how you will follow up with this customer and what you will do to ensure that they continue to do business with you.

Question

You are a CIMA member who has recently joined a limited company that processes food. The...

Solutions

Expert Solution

Related Solutions