Applying the CAANZ NZ Code of Ethics: A Scenario-based Assessment

For Part A of the assessment you will be required to provide evidence that demonstrates your ability to apply the accounting profession’s code of ethics to a given situation.For Part A Scenario you are to assume the role of an Accounting Technician who has taken on a voluntary role as a Trustee for the local school. The premise of Part A is that you need to present an informative document to the Board of Trustees who may not know anything about CAANZ NZ Code of Ethics, outlining your concerns and recommendations. PART A SCENARIOCAANZ Code of EthicsYou are an Accounting Technician and were appointed one year ago as a member of your local School Board of Trustees. You have now been asked to serve on the Finance Committee as well (along with six other people from local businesses) which is responsible for awarding large contracts (>$10,000). Both roles are voluntary.The Finance Committee is currently considering a report from the Principal about the condition of the school gymnasium. The report describes the building as ‘leaky’ and estimates a cost of $80,000 to repair. One of the Committee members is a local builder, Brett, who is well respected by the Board of Trustees. He immediately offers to do the work at a competitive price (20% discount on the estimate). The other members of the Committee are keen to accept the offer and get started on the workDBA502 Assessment 2 instructions2Version 1.1This work is copyright © TANZ and TANZ eCampus, except where otherwise stated and licensed under the Creative Commons Attribution- ShareAlike 4.0 International License. To view a copy of this license, visit http://creativecommons.org/licenses/by-sa/4.0/.You are unsure whether to accept the offer, because you understand common business practice when engaging a contractor is to obtain at least three quotations. You are aware of a Policies and Procedures Manual which is given to all members of the Board of Trustees, but you have not seen any sort of Manual or Code of Conduct for members of the Finance Committee. The Finance Committee is required to report back to the Board of Trustees within one week, so you are under pressure to give your decision but feel uncomfortable as you are approving the use of a large amount of public money which may be better utilised on extra teaching staff or learning resources at the School.You are familiar with your profession's Code of Ethics, which you will refer to in deciding how to proceed and make a decision with confidence.PART A REQUIREMENTS1.Your written presentation document must include the following:• Identification of the key fundamental principles which apply to this scenario• Application of the conceptual framework to identify, evaluate and address threats to the fundamental principles identified above:â–ªIdentifying relevant factsâ–ªIdentifying affected partiesâ–ªWho should be involved in the resolution?• Explanation of a possible course of action.2.The document needs to be professionally formatted and communicated in a manner that explains the importance of ethics in this situation to persons that may not be familiar with the contents of CAANZ NZ Code of Ethic