As the chief accountant of Breathless Perfume Pty ltd, you discover a significant misstatement that overstated net profit in this year’s financial statements. The misleading financial statements are contained in the company’s annual report, which is about to be issued to banks and other creditors. After much thought about the consequences of telling the managing director, Eddy Kadu, about this misstatement, you gather your courage to tell him. Mr. Kadu says, “What they don’t know won’t hurt them. But just so we set the record straight, we’ll adjust next year’s financial statements for this year’s misstatement. We can absorb that misstatement better next year when we make more profit. Just don’t make that kind of mistake again.”
- Who are the stakeholders in this situation?
- What are the ethical issues?
- What would you do as the chief accountant?
what would be the argument Susan Smith (the company accountant) has been approached by XYZ Ltd, a major client of Wellbuilt Pty Ltd, with a business proposal that appeared too attractive to refuse. Susan incorporated her own
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