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Ethical Dilemma of a Transaction with United Airlines Essay

Project id 1013997
Subject area Other
Document type Essay
Words 1092
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The accountants in this case that faced ethical dilemmas were Russell Smith, Cardillo's control, Helen Shepherd, Touche Ross audit partner, Roger Shlonsky, KMG audit associate, and audit subordinates of both Shepherd and Shlonsky. To begin with, Smith received a request from the organization's attorney, Riley, to sign an affidavit concerning the character of a transaction with United Airlines, which he understood to be listed incorrectly. Russell was conscious that registering this affidavid would lead to a misrepresentation of both Cardillo's earnings. Every one of the auditors confronted ethical issues when forced by key executives in Cardillo, such as the COO, CEO and vice president of finance, to accept the adjusting entry as reserved properly. Without further investigation of this trade, the auditors could have exceeded professional standards of ethics and ethical needs when they'd accepted Cardillo's explanations to the "secret" trade with United Airlines. The parties who'd be possibly affected by the outcomes of these issues include Cardillo, '' the audit firms included, shareholders of Cardillo, lenders and the general "public". If the auditors had agreed to accept the trades, they would have not just exposed their various audit firms to litigation risk, but also compromised the integrity of the audit, since it would not be free of material misstatement. On the other hand, by refusing to take Cardillo's excuse, the auditors may shed Cardillo as a customer. Lastly, the auditors have a responsibility to the general public, such as shareholders, creditors and competitors who rely upon the financial claims to be more accurate. The auditors must maintain liberty to ensure that the financial advice is fair for all parties...

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