You work in the billings and collection department of a small corporation. The firm offers a...

You work in the billings and collection department of a small corporation. The firm offers a 2% discount if the customer pays its bill within 15 days. Over the years, you have become quite friendly with the finance manager of one of the customers. One day he calls and asks you to change the date on your last invoice to his company to give him an extra week to pay and still be within the discount period. He offers to take you to dinner at the city’s finest restaurant in exchange for this little favor. It would be a simple change in the records, and no one would ever know. It would, you think, also create some goodwill with the customer. Would you make the change? Why or Why not?

Expert Solution

Answer)

In light of the above statement one of the key element which maintain ethics in accounting principle is integrity of accountant. The word ethics over here means moral principles that govern a person's behavior while conducting any activity.

Integrity is an important element of the accounting profession. Integrity requires accountants to be honest and truthful while dealing with client's financial information and also to the business he/she is working in. Accountants should restrict themselves from personal gain or advantage using confidential information. It’s a profession of high value which carries immense respect hence an accountant should never indulge himself in such a scenario which can mislead the decision of financial information user’s.

Even, if it a simple change as given in the statement above, it would be traced while the financial statements would be audited by the auditors and finding a deliberate mistake which has been conducted by taking personal advantage from the third party to which the guilt of the accountant is proved, this could attract criminal charges too.

Hence in lieu of the above discussion, if I would have been the person to whom such an offer was made I would never accept it as any change to the financial information of the company in order to derive any kind of personal advantage would be against the integrity of my profession.

ekkarill92 answered 2 years ago

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