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Ethical and Professional Responsibilities of Controller of Accounts - Case Study Example

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The paper "Ethical and Professional Responsibilities of Controller of Accounts" portrays an effective financial controller and an ‘ethically intelligent financial executive’ for possessing the necessary traits and qualifications, the APES 110 Code of Ethics for Professional Accountants, Australian Steel Company’s Cost Control Policy, etc…
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Ethical and Professional Responsibilities of Controller of Accounts
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Download file to see previous pages On analyzing the records maintained for repair and maintenance, Alan Fazil, being the Controller of Accounts in Australia Steel Company, realized that $100 million spent on a 12-month period on repairs and maintenance had an effect on the company’s profitability. Fazil was much worried about the inference patterns of external auditors in regards to the expenditure made. Fazil stated that the narration of the expenditure reflected capital purchase than repair works. To this end, he discussed his concern for the above matter with the Vice President of the Company, Bill Stewart and Chief Executive Officer, Martin Gray. He expressed his fear of the external auditor’s questioning the description and showed further concern in regards to the Australian Taxation Office in not allowing tax deductions on the expenses made.

The controller of Australian Steel Company, Alan Fazil further inferred on the lowering of integrity of the employees of the company. He stated that the following of the practice of making fake job orders make the employees prone to draw more money from the management’s hands much easier. This clearly shows an unethical practice followed by the production employees of Australian Steel Company disturbing its integrity. In this regard, Fazil recommended that proper training programs must be started to educate the employees in writing proper job orders. The above discussion reflects both the professional and ethical responsibility of Alan Fazil in making the company profitable operationally. (Australian Steel Company, N.D., pp. 2-3).   Alan Fazil’s Position
To understand one’s stand in the shoes of Alan Fazil a discussion needs to be made on the job responsibilities and ethical standards that a corporate financial controller needs to follow. Prior to the discussion on the Job Responsibilities of a Corporate Financial Controller, it must be noted that a Financial Controller needs to be a Chartered Accountant or a Certified Public Accountant (CPA) with the needed experience in the field of accounting practice and problem-solving.  ...Download file to see next pagesRead More
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