FNSINC503 Identify situations requiring complex ethical decision making

Assessment Task 2: Ethics project
Task summary
You are required to write a report on accountancy ethics in the workplace.
This assessment is to be completed in the simulated work environment in the RTO.
Required
• Access to textbooks/other learning materials
• Computer with Microsoft Office and internet access
Timing
Your assessor will advise you of the due date of these submissions.
Submit
• Email with ethics report attached
Assessment criteria
For your performance to be deemed satisfactory in this assessment task, you must satisfactorily address all of the assessment criteria. If part of this task is not satisfactorily completed, you will be asked to complete further assessment to demonstrate competence.
Re-submission opportunities
You will be provided feedback on their performance by the Assessor. The feedback will indicate if you have satisfactorily addressed the requirements of each part of this task.
If any parts of the task are not satisfactorily completed, the assessor will explain why, and provide you written feedback along with guidance on what you must undertake to demonstrate satisfactory performance. Re-assessment attempt(s) will be arranged at a later time and date.
You have the right to appeal the outcome of assessment decisions if you feel that you have been dealt with unfairly or have other appropriate grounds for an appeal.
You are encouraged to consult with the assessor prior to attempting this task if you do not understand any part of this task or if you have any learning issues or needs that may hinder you when attempting any part of the assessment.

Assessment Task 2 Instructions
PART 1
Complete the following activities:
Accountants have a duty when providing advice to clients to provide advice and assistance that is both competent and ethically sound. The interests of the client are important, but there is a duty to act in the public interest, and not just in the interests of the client or employer.
1. Write an ethics report.
Assume that you are working as an accountant. You are to complete an ethics report that requires you to identify and resolve situations using complex ethical decision making.
You should be familiar with the following Accounting Code of Ethics

Click to access 20092017153656_Compiled_APES_110_Sept17.pdf

You should also be familiar with the Accounting Professional & Ethical Standards Board’s guide to ethical conflict in the workplace:

Click to access 40c1.pdf

Using the information in these documents, and other relevant information that you can source from the Internet, develop a report that addresses all of the following:
• Identify at least 3 personal and 3 professional ethical principles that apply to accountants at work. Explain how each of these influence behaviour and actions in the workplace providing examples to illustrate your answer.
• Financial rewards and incentives. Analyse the impact that the offering of financial rewards (e.g. a cash payment) and other incentives (free tickets to an event) may affect an accountant’s actions. Give examples to support your answer linking your answer back to the Code of Conduct.
• Analysis of the impact of context, group dynamics, and cognitive biases on conduct and behaviour at work.
• Analysis of how psychological tendencies and decision-making biases can prevent employees from perceiving ethical issues in decision-making
• Analysis of the differences between ethical conduct and compliant or legal conduct.
2. Send an email to your assessor.
The text of the email should be in grammatically correct English, written in an appropriate (polite, business-like) style.
It should introduce and summarise the contents of the attachment and ask them for the place, date and time of your meeting with them.
Attach your Ethics Report to the email.
3. Meet with your assessor.
The objective of the meeting is to discuss your ethics report.
Discuss the points that you have made in your report with your assessor.
Remember that there is no right or wrong answer to these questions: the discussion should demonstrate that you have understood the concepts involved.
During the meeting, your assessor will ask you to identify industry policies and procedures for escalating ethical issues in the workplace. Think about the procedures you would follow and the legal basis for those.
During the meeting, demonstrate effective communication skills including:
• Speaking clearly and concisely
• Using non-verbal communication to assist with understanding
• Asking questions to identify required information
• Responding to questions as required
• Using active listening techniques to confirm understanding
PART 2 – Case study:
Andrews Building Supplies is a wholesaler of building supplies and has been in operation for 5 years. The company’s year-end is 30 June and you are finalising the year end accounts.
John the Warehouse and Distribution Manager comes into see you and advises you that a high level of slow-moving stock which has been sitting in the warehouse for 9 months. As per company procedures, when stock is more than 6 months old it is written down.
The company is currently being sold, and the Managing Director (also a shareholder) has advised you not to write down the stock in the year end accounts.
You consider that this may be because he wishes the financial statements to show a higher stock valuation that entices potential buyers. He has recently had an offer for the business and wants to provide the financial statements based on this. He has also indicated that if the proposed sale goes ahead everyone will keep their jobs and you will get a 10% pay rise.
For case study, complete the following:
a. Identify and describe the legal requirements and ethical issues associated with the workplace situation.
b. Clearly explain the differences between the legal and ethical aspects of the situation, as well as how the differences between the two can impact decision making.
c. Identify and analyse relevant ethical framework/s that should be applied to this situation. Describe each of the frameworks and explain why they are relevant to this situation.
d. Identify any factors that may prevent the application of the ethical framework to this workplace situation and their importance to the situation.
e. According to the organisational policy and procedures that you reviewed, how would this situation be handled?
f. Identify at least two sources of advice and guidance that can be used to assist in the resolution of ethical issues. Describe each of the sources you have identified and explain why.
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