Scenario - You are negotiating a transaction for your client, Shark Corporation. Parties on the other...

Scenario - You are negotiating a transaction for your client, Shark Corporation. Parties on the other side of the deal ask you for information about the structural stability of a building, which is a significant part of the transaction. Coleman, Shark’s tax director, tells you to say that everything is all right when, in reality, the building has substantial hidden damage. Coleman tells you to say this because it would be more favorable to Shark’s position in the transaction. How would you respond to Coleman’s request? Be sure to cite research that supports your position. What if you have already told the other side that the building is fine when you learn about the problems? What other potential ethics issues do you see in this situation? Which AICPA Code(s) of Professional Conduct rules apply in this situation (explain how and why they apply)? Cite the specific verse(s) for at least one Biblical principle that you feel is relevant to the situation (explain how and why it applies).

Expert Solution

How would you respond to Coleman’s request?

I would not agree with the Coleman request. Shark Corporation another party to the transaction has asked me about the structural stability of the building which is significant part of the transaction. But the tax director of shark has advice me to say everything is alright but in reality it has a substantial damage. A member should be candid and honest in all situations. When a member has integrity, then the members will conduct themselves with independence and objectivity. Due care is the requirement to uphold the ethical and technical standards of AIPCA, due care should be accomplished.

What if you have already told the other side that the building is fine when you learn about the problems?

Integrity would drive me to inform about the significant hidden damage of the building. As per AICPA code integrity would not accommodate subordination of principle or any deceit, it can accommodate only inadvertent error.

What other potential ethics issues do you see in this situation?

Company tax director himself wants me to unethical in giving opinion on building. This situation itself raises doubts on the ethical environment in the company. So it is better to step back from the company

Which AICPA Code(s) of Professional Conduct rules apply in this situation (explain how and why they apply)

Rule 102 of AICPA Code “tell us members must not to misrepresent facts” would apply in this situation.

Cite the specific verse(s) for at least one Biblical principle that you feel is relevant to the situation (explain how and why it applies).

“ Be transformed by renewal of your mind that by test what is the will of god, what is good, perfect and acceptable, but don’t be conformed to this world”, I found this line would be more appropriate to this situation because the member is being pressured to conform the desire of Coleman.

ekkarill92 answered 1 year ago

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