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Key facts of the ethical situation and stakeholders impacted

Give an explanation of the key facts of the ethical situation and the stakeholders that are impacted by the decision. 

The situation is such that the CEO of the company is using funds and resources of the office to address his necessities. That is quite unethical on the part of all of the staff working in the office. Rules and regulations are the same for everyone and when going out for some official work, the expense being bearded by the company, one should not stay over for personal work. Adding to this is that the Chairman of the Board knows that this is happening but still is allowing the same. This reveals that there is favoritism being done which again is not at all ethical.

The stakeholders directly affected are the Company Directors, the ones who are vested with the responsibility to plan the trips, and the Management Committee members as a whole.

Identify the ethical principles at issue in the situation. 

The ethical principles that are at stake in this situation are integrity, fairness, and leadership. Integrity and fairness are the ethical principles that the Chairman of the Board is ignorant about while leadership is the ethical principle that the CEO of the company is being ignorant about. The Chairman of the Board should have abided by the principle of integrity that is should be principled, upright as well as scrupulous rather than being biased towards someone. Favoring the CEO, he is also being unfair to other staff working in the organization.

Then again, the CEO is also wrong on his part as being one of the leaders of the firm, he is someone looked up to by many but using official resources for personal trips is certainly not a good example that is being set by him. In one way this is the exploitation of the power and the trust that is vested in him by his staff. 

Analyse how psychological tendencies and decision-making biases affect how a situation such as this one can be understood. 

Here the ignorant attitude of the Chairman of the Board suggests that he is a kind of a person who does not abide by the ethics and principles of professional. His psychological tendency suggests that he is not dutiful towards the organization and is fine with the misuse of official resources. The decision-making as well is questionable as knowing that this is not right on his part to allow the CEO to go for personal trips or stayovers, he is still least bothered. The situation can result in a conflict amongst the staff of the firm as this is biasness being done on their part. 

Identified ethical principles at issue in the situation

What other barriers may affect the response to this situation? 

The barriers that may affect the response to this situation are the fear of not being supported by the higher authorities as the Chairman of the Board is one of the culprits in the situation. In terms of influence, people of the organization will listen to the Chairman of the Board and the CEO rather than favoring the accountant. Again, being in a good position, these people have the power to hamper the financial statement and frame it the way they feel. Thus, it is tough to respond to the situation as the serious consequence can be losing the job. 

What strategies could be used to address these? 

The strategies that could be used to address the situation are observing the members of the management team figure out who could help in this case. Then again, some of the senior staff can be approached for suggestions on the matter. Lastly, some trustworthy industry experts can also be involved in the matter. That is before going on to protest or highlight the issue there is a need to build up a strong team. 

Identify and describe the regulatory requirements that may be breached if the situation in the case study is not addressed. 

The company is not abiding by the rules and regulations set aside by the Australian Securities and Investments Commission. As per ASIC, companies that are operating in Australia are needed to prepare and thereafter lodge financial reports with ASIC (Financial reporting in Australia 2022). These reports are to be audited well but in the case of Boutique Build Australia, the audit process and those involved in it seem to be corrupted thus breaching the laws and rules of ASIC. In case the situation is not addressed then the APES 100 code of ethics for professional accountants will also be breached. This provides the professional accountants with a framework in are the actions that are needed to be taken in the public interest when they find out a suspected illegal act (Compiled APES 110 Code of Ethics for Professional Accountants 2022). 

How does this situation compromise the organization's purpose and values? 

The purpose and values of the organization are compromised because every organization vows to provide its employees with a positive environment devoid of any biasness. In this case, favoritism is being done that will gradually develop negative emotions towards the organization and thus being the reason for the decrease in productivity of the employees. The purpose to excel in customer service will not be fulfilled when the workforce will be demotivated.

Analysis of psychological tendencies and decision-making biases

Explain how this situation could damage the organization if the situation was known to the public.

As already mentioned above the situation if known to the public could be the reason for the development of a negative work environment with employees being demotivated to work in the direction of meeting the goals of the organization.

Using the simple conceptual framework indicated on page 4 of the Ethical Conflicts in the Workplace document, analyze the situation and provide recommendations on an appropriate course of action.

The situation needs to be analyzed well by gathering facts and identifying the threat to the organization. The fundamental principles being breached such as integrity, fairness and leadership be highlighted. The stakeholders as already mentioned above be observed to understand if they know about the situation or should be relayed the information (APES GN 40 Ethical Conflicts in the Workplace - Considerations for Members in Business 2022). Thereafter, organizational procedures in place be analyzed and relevant parties to be involved in conflict resolution figured. The ethical issues need proper discussion and a course of action decided on. Every single thing about the case should be drafted well to ensure that no information is lost.

The recommendations on course of action are:

  1. It should be properly thought of.
  2. Experts from the industry are involved if needed.
  3. Proper observation should lead to the development of a course of action. 

Develop an implementation plan that includes:

· Actions

· Data

· Who to communicate with

· Risk and stakeholders

· Mitigation

· Exposing the authorities

· Gathering data from past financial reports

· Senior most employee from Accounts Department

· Revengeful attitude and ill treatment

· A bench be framed to ensure transparency in the auditing being done.

  • What further data may need to be gathered? 

Past financial reports need to be gathered to find out when this is happening. 

  • Who to communicate with? 

The senior-most employee in the Accounts department needs to be communicated with. 

  • How to deal with issues that arise about speaking out about ethical issues

The issues can be dealt with by developing a strong team that can provide required support when needed. 

  • Identify risks and stakeholder concerns, and communication strategies that acknowledge and mitigate them 

The risk involved is that the ones getting involved may have to face situations such as revengeful attitude and even lose their job as the authorities in the case have much power. The concern of the stakeholders is favoritism being practiced in the organization which in the long term can result in bad treatment towards them.

The concern can be addressed by highlighting the above case and ensuring that proper action is taken. 

Explain why you believe you should proceed independently or in conjunction with a colleague on this matter. 

I should not proceed independently as the ones against whom I have to stand are powerful and can play foul with the evidence. Thus, having a whole team by my side will help me take necessary actions and above all decision-making will also be proper.

References

2022. APES GN 40 Ethical Conflicts in the Workplace - Considerations for Members in Business. [ebook] Available at:

<https://apesb.org.au/uploads/standards/guidance_notes/40c1.pdf> [Accessed 1 March 2022].

2022. Compiled APES 110 Code of Ethics for Professional Accountants. [ebook] The International Federation of Accountants (IFAC) in August 2016. Available at:

<https://apesb.org.au/uploads/standards/apesb_standards/20092017153656_Compiled_APES_110_Sept17.pdf> [Accessed 1 March 2022].

Austrade.gov.au. 2022. Financial reporting in Australia. [online] Available at:

<https://www.austrade.gov.au/international/invest/guide-to-investing/running-a-business/understanding-australian-business-regulation/financial-reporting-in-australia> [Accessed 1 March 2022].

Cite This Work

To export a reference to this article please select a referencing stye below:

My Assignment Help. (2022). Ethics Essay: Unethical Use Of Office Resources By CEO And Chairman.. Retrieved from https://myassignmenthelp.com/free-samples/fnsinc504-apply-ethical-frameworks-and-principles-to-make-and-act-upon-decisions/ethical-principles-at-issue-file-A1DAE04.html.

My Assignment Help (2022) Ethics Essay: Unethical Use Of Office Resources By CEO And Chairman. [Online]. Available from: https://myassignmenthelp.com/free-samples/fnsinc504-apply-ethical-frameworks-and-principles-to-make-and-act-upon-decisions/ethical-principles-at-issue-file-A1DAE04.html
[Accessed 25 July 2024].

My Assignment Help. 'Ethics Essay: Unethical Use Of Office Resources By CEO And Chairman.' (My Assignment Help, 2022) <https://myassignmenthelp.com/free-samples/fnsinc504-apply-ethical-frameworks-and-principles-to-make-and-act-upon-decisions/ethical-principles-at-issue-file-A1DAE04.html> accessed 25 July 2024.

My Assignment Help. Ethics Essay: Unethical Use Of Office Resources By CEO And Chairman. [Internet]. My Assignment Help. 2022 [cited 25 July 2024]. Available from: https://myassignmenthelp.com/free-samples/fnsinc504-apply-ethical-frameworks-and-principles-to-make-and-act-upon-decisions/ethical-principles-at-issue-file-A1DAE04.html.

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