In the essay “Ethical Implications of Takeovers” the writer analyzes the ethical issues of credibility and competence in financial reporting. The decisions regarding accounting standards and reporting under this case affect stakeholders such as shareholders, management and the government…
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From the case, it is clear that the Chief Executive Officer is unaware of this situation and thus may not be part of the investigation. Thus, Lisa can discuss the issue with the CEO and try to find the problem or compel the CFO to produce evidence of the entries in the financial information. Since Fragrance Company is under the Home and Care Product management, the CEO has the power to launch an investigation into the malpractices in financial reporting.
Another course of action is that Lisa can consult an impartial accountant. The objective is to understand the various elements of the report. It is possible that Lisa may misunderstand several entries and thus consulting another accountant may shed more light. The accountant may also give Lisa more information regarding the possible action that she can take as a professional accountant. It would be better is Lisa can access an IMA Ethics Counselor to address this issue.
The third option that Lisa has is to seek legal advice from an attorney. It is important to understand that accounting has its legal implications and thus Lisa must have the information at hand. The attorney should explain to Lisa the legal option that she has and how to go about them. In essence, the attorney explains the legal implication of the exposure and the possible legal suits.
Of the three choices, the best choice is to report the issue to the top leadership of the company.
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4 Pages(1000 words)Case Study
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