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Business and Professional Ethics 7th edition Leonard J. Brooks, Paul Dunn - Solutions

Why should codes focus on principles rather than specific detailed rules?
If you were asked to evaluate the quality of an organization’s ethical leadership, what would the five most important aspects be that you would wish to evaluate, and how would you do so?
1. The senior executives at Siemens’ spent most of their working environment that condoned bribery outside Germany but not inside. However, they failed to take notice of the changes that Transparency International –championed by a German who was embarrassed by the double standard of his
1. The culture of giving and receiving payments is ingrained in China. On the other hand accepting and paying bribes is a violation of Rio Tinto’s code of conduct. When does a payment stop being a gift and turn into a bribe?2. The smaller Chinese steel companies bribed the Rio Tinto executives
1. Apparently Daimler executives were not concerned enough with personal sanctions to change the company’s bribery practices to comply with German and U.S. statutes. How can these attitudes be changed?2. What internal controls could have been usefully introduced to prevent bribery at Daimler?3.
1. Why would HP personnel think they could get away with bribing an employee in the Russian anti-bribery prosecutor’s office?2. Why was it done through a series of companies in different countries?3. What has changed to now allow investigators to unravel such a series of events, whereas in
1. Should the chair of the board of directors be allowed to initiate investigations into weaknesses in a company’s internal control system?2. Is the strategy of pretexting an acceptable means in order to obtain critical information that will strengthen a company’s internal control system? 3.
1. What conflicts of interest may have been involved in Black’s activities?2. Were Black’s non-compete agreements and payments unethical and/or illegal?3. What questions should have been asked by International’s directors? 4. If the boards of directors of his various companies approved these
1. After being told that the guideline for bad debts for 1996 was to be $15 million, what should Walt do?2. What are the risks for MCI in setting an unrealistic allowance for doubtful accounts?Walt Pavlo joined MCI in the spring of 1992. At that time, MCI was a growth company in the booming
1. Is it right that a CEO can direct the charitable donations of his company to the charity of his choice?2. Comment on the ethical aspects of Pierre’s stock option/stock donation strategy.3. If you were Gloria, what should you do? Would this change if you were a donations specialist, a lawyer,
1. Do you think that stock options actually motivate employees to work for the long-term good of the company? 2. Do you think that stock options inadvertently encourage managers to engage in questionable accounting activities, such as earnings management, to artificially increase the
1. Will the Satyam fraud damage India’s reputation as a reliable provider of information technology outsourcing?2. How long will it take to restore Satyam Computer’s reputation, and how would you recommend that the restoration be facilitated?3. Mr. Raju did not commit this fraud on his own.
1. Why would Nortel Networks, a Canadian company, hire a U.S. law firm to undertake an independent review of factors that led to restatement of accounting reports?2. Why did the independent review focus on the “establishment and release of contractual liability and other related provisions”
1. What breaches of fiduciary duty does the Adelphia case raise?2. Why do you think the Rigas Family thought they could get away with using Adelphia as their own piggy bank?3. What allowed the Rigas Family to get away with their fraudulent behavior for so long?4. What concerns should have been
1. The pattern of illegal and improper conduct described above took place for at least 5 years prior to June 3, 2002. What red flags or governance mechanisms should have alerted the following people to this pattern:a. Tyco management accountants?b. Tyco internal auditors?c. Tyco external
1. What were the major flaws in HealthSouth’s corporate governance?2 & 5. What should HealthSouth’s auditors, Ernst & Young, have done if they had perceived these flaws? What is the auditor’s responsibility in case of fraud?3. How – in accounting terms – did the manipulation of
1. A vendor may offer a customer a rebate of a specified amount of cash or other consideration that is payable only if the customer completes a specified cumulative level of purchases or remains a customer for a specified period of time. When should the rebate be recognized as revenue? At what
1. For many organizations, bankruptcy protection is just another operational and financial strategy. Discuss the ethical aspects of intentionally remaining silent, collecting money and then suddenly announcing that the company is bankrupt?2. Do you accept that the little ‘white lie’ told to the
1. Did Jerome Kerviel perpetrate a fraud? Why or why not?2. When such mammoth unauthorized trades occur, and the bank is bankrupted or severely damaged financially, should the board of directors, who have the ultimate responsibility for the bank’s activities, or its executives whose job it is to
1. Should inside traders, who are nonviolent, white collar criminals, be subject to Mafia-style investigation tools?2. How can a stock trader know when she or he is receiving inside information that would be illegal to act upon?3. How can a stock trader avoid using insider information?4. Would a
1. Identify and explain the conflicts of interest referred to in this case.2. What additional rules should the SEC make?3. What should be included in the investor education that the settlement funds are earmarked for?4. Was it appropriate for the New York Attorney General’s Office to have become
1. Loyalty is a highly desirable ethical value, and disloyalty is a serious unethical and often illegal activity. Explain how and to whom Grossmith, Horcsok, and Webb were disloyal.2. Although Grossmith’s actions did not negatively affect the wealth of any client, why did UBS fire him?3. How
1. How would you deal with a star trader who would be extremely sensitive to additional controls that implied he or she wasn’t trusted or would generate more time on paperwork and explanations?2. What ethical and accounting controls would you advise ING to institute at Barings?3. Who was more at
1. Why didn’t the Dow Corning ethics audit program reveal any concerns about the silicone-gel breast implant line?2. What are the critical factors necessary to make such an ethics audit program work effectively?3. Was the announcement on March 20 well-advised and ethical? 4. Are there any other
Answer the seven questions in the opening section of this chapter.a. Who really is my client - the company, the management, current shareholders, future shareholders, the public?b. In the event I have to make a decision with ethical ramifications, do I owe primary loyalty to my employer, my client,
Why are most ethical decisions accountants face complex rather than straight forward?
When should an accountant place his/her duty to the public ahead of his/her duty to a client or employer?
What is the difference between exercising “due care” and “exercising professional skepticism.”?
Are one or more of the fundamental principles found in codes of conduct more important than the rest? Why?
Was the "expectations gap" which triggered the Treadway and Macdonald Commissions, the fault of the users of financial statements, or the management who prepared them, or the auditors, or the standard setters who decided what the disclosure standards should be?
What should an auditor do if he/she believes that the ethical culture of a client is unsatisfactory?
Are the governing partners of accounting firms subject to a “due diligence” requirement similar to that for corporation executives in building an ethical culture? Can a firm and/or its governors be sanctioned for the misdeeds of its members?
An engineer employed by a large multidisciplinary accounting firm has spotted a condition in a client’s plant that is seriously jeopardising the safety of the client’s workers. The engineer believes that his/her professional engineering code requires him to report this condition to the
Transfer pricing can be used to shift profits to jurisdictions with low or no tax to reduce the taxes payable for multinational companies. If such profit shifting is legal, is it ethical? Was Apple well-advised to shift $30 billion in profits to its Irish subsidiary, where it paid no corporate
Many professional accountants know of questionable transactions, but fail to speak out against them. Can this lack of moral courage be corrected? How?
Why don't codes of conduct or existing jurisprudence provide sufficient guidance for accountants in ethical matters?
What is meant by the term "fiduciary relationship"?
Which would you chose as the key idea for ethical behavior in the accounting profession: “protect the public interest” or “protect the credibility of the profession”? Why?
Why is maintaining the confidentiality of client or employer matters essential to the effectiveness of the audit or accountant relationship?
Why did the SEC ban certain non-audit services from being offered to SEC-registrant audit clients even though it has been possible to effectively manage such conflict of interest situations?
Where, on the Kohlberg framework would you place your own usual motivation for making decisions?
Why don’t more professional accountants report ethical wrongdoing? Consider their awareness and understanding of ethical issues, as well as their motivation and courage for doing so?
Which type of conflict of interest should be of greater concern to a professional accountant: actual or apparent?
If an auditor’s fee is paid from the client company, isn’t there a conflict of interests that may lead to a lack of objectivity? Why doesn’t it?
Is having an ethical culture important to having an effective system of internal control? Why or why not?
1. What conditions appear to have allowed the Parmalat situation to get out of control?2. What specific audit procedures could have uncovered the Parmalat fraud earlier?3. What audit steps should Deloitte have taken with regard to the seventeen off-shore subsidiaries that continued to be audited by
1. Should an accounting firm have to resign as the auditor of a company when the partner in charge of the audit is convicted of releasing confidential information about that audit client? 2. How can accounting firms ensure that their partners and staff do not release confidential information?On
1. Did Maria blow the whistle at the right time? Why or why not?2. Was her planned response appropriate? Why or why not?3. How would you suggest she should have dealt with the problem?4. Should whistle-blowing be encour aged? Why or why not?5. How should Maria have reacted to Drabinski’s
1. If Wanda Liczyk did not benefit financially, did she really have a conflict of interest? Should she have been disciplined by the ICAO? Why or why not?2. Should the accounting profession be allowed to police itself, or should an independent third-party, such as the government, enforce
1. Keeping in mind that no compensation, nor accounting services, were ever received or provided, has Sam stepped “out of bounds”?2. What is your advice for Sam?3. What is your advice for Ruby?4. Given the alleged disclosure by Jimmy’s accountant, has he crossed any boundaries? If so, does
What is your responsibility in each of these situations?Assume that you are a professional accountant who is CFO of a medium-sized manufacturing company that plans to:• Misrepresent products that come from environmentally irresponsible sources as environmentally friendly.• Bribe officials of a
1. What does our professional code say about this?2. If this issue is uncovered by the government regulatory authorities, will I be implicated?3. Should I quit my job and then go and report this situation to the regulatory authorities?I need your advice on an anonymous basis. I am a professional
1. What should the CFO do?2. Beyond resigning, how can the CFO protect him or herself?I have a question that I need a bit of help on, but I am not sure where to turn, and I hope you may be able to help me out. I am the CFO of a charitable organization, it is a paid position and I am a professional
What advice would you give?Excuse me, we are both professional accountants, and I need some advice. I have a full-time management position with a company. I was wondering if I would be in violation of our Professional Code of Ethics, if I took on the role of an exotic dancer at night in order to
1. What advice would you give to this professional accountant?I am a professional accountant and hold the position of Financial Analyst, Capital Projects, with the Town of Pinecrest. In my position, I deal with, among others, developers and their lawyers with respect to development agreements,
1. Should the CEOs of these mining companies be held accountable for the fact that commodity prices have dropped precipitously while operating costs have soared? 2. Should Albanese be held responsible for the fact that the Chinese market did not open as he predicted and that the price of aluminum
1. Describe the fraud that allegedly occurred through Sino-Forest Corporation Inc.? Who benefited and how?2. Why didn’t regulators prevent this fraud from occurring? What were they relying on?3. Why didn’t the directors of Sino-Forest prevent this fraud from occurring? What should they have
1. How would you answer the assistant controller?2. What advice would you give to the controller?3. What aspects of the organization’s governance process and/or internal controls were flawed?4. Should the directors be told about the fraud and/or any other matters?I am the assistant controller at
What is your advice?I think I have a problem. I am a professional accountant and work for a not-for-profit organization which operates a summer camp. We have obtained a legal opinion stating that a portion of our camp fees could be considered a charitable donation with respect to religious
1. Do you think that Apple’s new accounting policy, that is consistent with the 2009 FASB statement, results in fair financial reporting?2. Do you think that Apple’s share price should have gone up as a result of increased revenue due to a change in an accounting policy? Numerous firms,
1. Whose codes will predominate: lawyers, engineers or accountants?2. Do professionals report to one of their own, or a member from a different profession?3. Who would be sued?4. Won’t focus be on profit rather than serving the public interest?Multidisciplinary practices, or MDPs, are probably an
What should Arthur do? Why? Arthur sat back in his chair and looked at the other accountants who were working on their laptops. How had he gotten himself into this situation?It began last year when he was hired by Castor Gotlieb LLP, the largest of the mid- sized accounting firms in the country.
1. Do you think that the gross value method distorts earnings because it overstates revenue?2. The total cash that the company receives is the same regardless of the method the company uses to report revenue. So, is one revenue recognition method just as good as any other? Following the pattern of
1. Do you consider transfer pricing to be an ethical means of reducing a businesses’ tax liability? Why, and why not?2. At what level would a transfer price cease to become reasonable, and become unethical and probably illegal?3. Does transfer pricing impose an ethically unfair tax burden on
Is this new practice of risk management ethical? “At the firm, we’ve got a new way of looking at tax issues. It’s called ‘risk management,’ and, in your case, John, it means that we can be more aggressive than in the past. In the past, when there was an issue open to interpretation, we
1. Should the Italian bank’s general manager hire a commercialista and pay busterella?2. Should the general manager phone the bank’s American CEO in New York and ask for advice?3. If you were the bank’s American CEO, would you want to receive the phone call for advice?The Italian federal
How will the U.S. external auditor’s mind-set change in order to discharge the duties contemplated by SAS 99 on finding fraud?
How could a corporation utilize stakeholder analysis to formulate strategies?
Descriptive commentary about corporate social performance is sometimes included in annual reports. Is this indicative of good performance, or is it just window dressing? How can the credibility of such commentary be enhanced?
Why should a corporation make use of a comprehensive framework for considering, managing and reporting corporate social performance? How should they do so?
Do professional accountants have the expertise to audit corporate social performance reports? Discuss.
Is trust really important – can’t employees work effectively for someone they are afraid of, or at least where there is some “creative tension”?
Should a North American corporation operating abroad respect each foreign culture encountered, or insist that all employees and agents follow only one corporate culture?
What should a North American company do in a foreign country where women are regarded as secondary to men, and are not allowed to negotiate contracts or undertake senior corporate positions?
How would you advise your company’s personnel to act with regard to expectations of guanxi in China?
Why should ethical decision making be incorporated into crisis management?
In what ways do ethics risk and opportunity management as described in this chapter go beyond the scope of traditional risk management?
1. If the cost of printing Harry Potter books on recycled paper added 3% to the cost, was the publishing company really serving the interest of its shareholders, given that the demand for Potter books was so high that all copies would probably have been sold in spite of any boycott? Explain why
1. Do you think that British Airways is being hypocritical? 2. British Airways is attempting to reduce its carbon footprint by flying more fuel efficient airplanes, such as the A318. The carbon footprint per passenger is lower if 100 people occupy the A318 rather than only 32 people. Does the
1. If the laws are strict in one country, but lax in another country, do cruise ship companies have an ethical obligation to follow the stricter laws even when they are temporarily sailing through the waters of a country with more lax regulations? 2. Many cruise ships travel outside the 200-mile
1. What factors contribute to a firm engaging in sexual discrimination?2. What factors should the board of directors consider if there is an internal complaint of sex discrimination on the basis of pay and promotion?3. What other costs might Dell incur because of its practice of discrimination?4.
1. Was the verdict fair?2. Will this verdict cause other companies to review for and remedy any systematic discrimination uncovered?3. How should systemic discrimination be prevented?4. Were the lawyer’s fees fair?5. Could this case have been successfully prosecuted if it were not a class
1. Is it legal, moral or ethical for South Africa to override AIDS medication patents?2. Is it legal, moral or ethical for drug patent holders to resist?3. If you were a senior executive in an affected drug patent holder, what solution would you suggest?“South Africa and the drug companies have
1. Why did BP fail its oversight and decision capabilities? 2. Describe your vision of a good risk management process that BP should have been following.3. What aspects of a good risk management process appear does BP not appear to have been using?4. Has BP had other ecological disasters since 2000
1. Analyze whether BP`s corporate culture was ethical.2. Why has BP`s culture developed as it has?3. How you would suggest changing its culture?4. What roles should the CEO and the Board of Directors play in making this change?5. How could this change in culture be measured?BP has had a record of
1. Did Toyota handle its recalls ethically? Why and why not?2. What changes would you recommend to Toyota’s crisis management approach? Why?3. Do you think that Mr. Toyoda’s testimony on February 24, 2010 was effective? How might it be improved?4. Toyota did not immediately disclose that each
1. What should the individuals involved have done?2. How can the Hermann Hospital ensure that individuals do what they should?3. Should the doctor, residents, pharmacist and nurses involved in this tragedy be fired? If not, should they be sanctioned, and if so, how?4. Should such health care
How much and in which ways did unbridled self-interest contribute to the subprime lending crisis?
How could increased regulation improve the exercise of unbridled self-interest in decision making?
Identify and explain five examples where executives or directors faced moral hazards and did not deal with them ethically.
How much should the exiting CEOs of Fannie Mae and Freddie Mac have received when they were replaced in September 2008?
The government bailout of the financial community included taking an equity interest in publicly traded companies such as American General Insurance (AIG). Is it right for the government to become an investor in publicly traded companies?
Should CEOs who made large bonuses by having their firms invest in mortgage-backed securities in the early years have to repay those bonuses in the later years when the firm records losses on those same securities?
Should the CEOs who refused to have their firms invest in mortgage-backed securities in the early years because the risks were too great receive bonuses in the latter years because their firms did not incur any mortgage-backed security losses? How would determine the size of these bonuses?
Should organizations that have a risk-taking culture, such as the one developed by Stan O’Neil at Merrill Lynch, enjoy the gains and suffer the losses, without recourse to government bailouts?
The global economic crisis was caused by the meltdown in the U.S. housing market. Should the U.S. government bear some of the responsibility of bailing out the economies of all countries that were harmed by this crisis?
Given that the marketplace for securities is global, and that the risks involved can affect people worldwide, should there be a global regulatory regime to protect investors? If so, should it be based on the regulations of one country?
Should members and executives in investment firms be forced to be members of a profession with entrance exams and with adherence to a professional code such as is the case for professional accountants or lawyers?
Does the Dodd-Frank Act go far enough, or are some important issues not addressed?
What were the three most important ethical failures that contributed to the subprime lending fiasco?

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