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ACCTING2501 Financial Accounting

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Question:

Joshua, an employee working in the accounts office of a medium-sized company listed on the Australian Securities Exchange, was working late one evening during the week. He realised he had left his pen in the boardroom at an earlier meeting and, given its value, went upstairs to look for it. As he walked past a room, he heard the following conversation between the Chief Executive Officer, Paul and one of the non-executive director, Alan who is also a cousin of Paul:

Paul: I am deeply concerned that if this fall in profit figures is disclosed in the next annual report, there will be all sorts of problems with the shareholders. We may even lose a number of big investors.
Alan: Well, I suppose we could always find a way of making them look better.
Paul: How? I can't see it at all.
Alan: Well, we could make them just slightly higher than last year's figures by including the proceeds of the sales of our toothbrush division.
Paul: But the sale doesn't go through until October.
Alan: No, but it will … and it doesn't make much difference, we need the money on the books now.
Paul: But when the accounts are signed off, won't that be fraudulent?
Alan: Not really … I don't see why … it's just a manipulation of timing rather than numbers.
Paul: OK. That sounds good to me. Let?s sort it out now.”

Joshua left and spent the evening worrying about what he should do, if anything. He decided he would anonymously ask the accountant how he could deal with this situation, and bring the issue out into the open.

As the accountant, you receive a report from the employee (Joshua) about the conversation. Write a brief summary for board members of the corporate governance problems raised by this employee, and the weaknesses in the company’s corporate governance which are evident from the conversation which was overheard

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My Assignment Help. Financial Accounting [Internet]. My Assignment Help. 2021 [cited 18 April 2021]. Available from: https://myassignmenthelp.com/free-samples/accting2501-financial-accounting/characteristics-of-good-corporate-governance.html.


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