zYou are the Accounts controller for Allwell Corporation. During the beginning of January $2023,$ when the company was adjusting and closing the accounting records for the calendar year, you were home sick with the flu. You, therefore, relied on your assistant to complete much of the work. The company reported net income for $2022$ of RM$125,000,$ down from RM$140,000$ in $2021.$ In February, after the financial statements have been issued and distributed to the company$$s investors and creditors, you discover that your assistant overlooked adjustments to insurance expense, depreciation expense and utilties expense resulting in an overstatement of net income by RM$12,500.$ You immediately inform the company president of the overstatement and suggest correcting the errors and re$-$issuing the financial statements. The company president is concerned that investors were not happy about

the lower profits reported in $2022.$ He feels that $2023$ is going to be a better year for the company. Therefore, he prefers to keep quiet about the financial statement errors in $2022$ and adjust the accounting records for the errors in $2023.$

Required:

$($a$)$ Who are the stakeholders in this situation? $(3$ marks$)$

$($b$)$ What are the ethical issues in this situation? $(5$ marks$)$

$($c$)$ What would you do as controller in this situation? $(2$ marks$)$