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The implications, if the President is not informed of the error immediately, will mean that the relationships with potential investors could be ruined. If initial financial projections shown to brokerage firms is inaccurate or incorrect, the competency of the company, Phillips Brothers Printers will be in question as to whether or not it can actually be profitable for investors since they can't make accurate financial projections.

The reputation of Phillips Brothers Printers will be ruined since the error will be seen as manipulation and/or fraud to lure investors in.

2. If the president is informed immediately of the error, it gives the company and the president time to fix their mistake and re-organize the information to match what the actual projections are. This means that Phillips Brothers Printers still has a chance to recover from this mistake and potentially get the brokerage firms to invest in the comany.

Your job will be in question as this is a serious legal matter that can have severe consequences.

3. The stakeholders in this situation are the brokerage firms, the president, the company, and the accountants responsible for these projects.

By extension, one could argue that customers are also stakeholders in this matter as it could mean that the company simply doesn't get any investors and the firm has to shut down, or they wont be able to provide the same array of products/services.

4. The ethical considerations for both you and the president are intergrity, honesty, and transparency. In light of this situation, those affected should be considered, such as the company, its employees, and potential investors. If the happiness of the these groups of people is for the most part negatively affected, then the decision that maximizes the happiness of these groups should be made.

It is also important to consider whether one would like other companies to lie about financial projections to lure investors in. This doesn't seem practical and can in fact lead to financial losses and other negative economic consequences that may force the company to shut down.