Read the scenario presented. BRIEFLY (3 or 4 sentences max.) note the stakeholders and what you would do as the controller in this situation.

Ethics Case BYP4-7 As the controller of Take No Prisoners Perfume Company, you discover a misstatement that overstated net income in the prior vear's financial statements. The misleading financial statements appear in the company's annual report which was issued to banks and other creditors less than a onth ago. After much thought about the consequences of telling the president, Mike Flanary, about misstatement, you gather your courage to inform him. Mike says, "Hey! What they don't know wont hurt them. But, just so we set the record straight, we'll adjust this year's financial statements for las t year's misstatement. We can absorb that misstatement better in this year than in last year anyway Just don't make such a mistake again." Instructions (a) Who are the stakeholders in this situation (b) What are the ethical issues in this situation? (c) What would you do as a controller in this situation