Question
1.Assume you are working as an accountant in a major supermarket chain, Coleworth, which is a listed company. During the financial year low cost competitor
1.Assume you are working as an accountant in a major supermarket chain, Coleworth, which is a listed company. During the financial year low cost competitor supermarkets increased their market share, resulting in a Coleworth's revenue being was down 10%. You are now finalizing the draft financial statements, and the Chief Financial Officer(CFO) has approached you saying " do whatever you have to do, just male sure these accounts show a profit as big as last year.The industry knows we've lost market share, you have to make it like we are managing it. Your only option is to revise some of numbers to make the profit larger and you dont this is justified. But you are very worried if you dont, you will loose you job.
Analyze your approach to this ethical dilemma with reference to:
i) Utilitarian ethical theory
ii) Deontological ethical theory
iii) APES 110 Code of Ethics for Professional ACcountants
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