Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Can somebody answer this with no plagarism please? Pete Chalance is an accountant with a shady past. Suffice it to say the he owes some

Can somebody answer this with no plagarism please?
image text in transcribed
Pete Chalance is an accountant with a shady past. Suffice it to say the he owes some very unsavory characters a lot of money. Despite his past, Pete works hard at keeping up a strong professional image. He is a manager at Smith and Assoclates, a fast-growing CPA firm. Pete is highly regarded around the office because he is a strong producer of client revenue. Indeed, on several occasions he exceeded his authority in establishing prices with clients. This is typically a partner's job but who could criticize Pete, who is most certainly bringing in the business. Indeed, Pete is so good that he is able to pull off the following scheme. He bills clients at inflated rates and then reports the ordinary rate to his accounting firm. Say, for example, the normal charge for a job is $2,500. Pete will smooth talk the cllent, then charge him $3,000. He reports the normal charge of $2,500 to his firm and keeps the extra $500 for himself. He knows it isn't exactly right because his firm gets its regular charges and the client willingly pays for the services rendered. He thinks of himself, as he pockets his III-gotten gains, who is getting hurt anyway? The text discusses 3 common features (conditions) that motivate ethical misconduct. Identify and explain each of the three features as they appear in the above scenario

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Primary Science Audit And Test

Authors: Jenny Byrne, Andri Christodoulou, John Sharp

4th Edition

1446282732, 978-1446282731

More Books

Students also viewed these Accounting questions

Question

........................... (we , study) this last year?

Answered: 1 week ago