Writing Assignment #1:
The book we use is “2022 fall spiceland, financial accounting, 6E – 15 youngs acct 2101 fall 2022”
Develop an ethical decision-making model and a sense of good ethical behavior.
Part 1 — Financial Statements and Internal Control
Describe why you think it is important for external stakeholders to have access to a company’s financial statements. Consider who “external stakeholders” may be and provide some examples of how or why the external stakeholders would use a company’s financial statements.
Why is an adequate environment and system of internal control important for an organization in order to produce reliable financial statements? Find an example of an organization that does not have strong internal control. (You can search to find examples or use personal experience, or both.) Describe what you think contributed to the organization’s internal control weaknesses.
Part 2 — Ethics and Fraud
Briefly describe what ethics are and how you think ethical standards apply to the business environment. Include in your answer a description of the fraud triangle and how you think the fraud triangle is related to both internal control and ethics. How could “management” in a business unethically use their influence or responsibilities to produce financial statements that are misleading? Would it be fraudulent if they did so? Why or why not?
Part 3 — Ethics and Cheating
Why do you think high ethical standards are an attribute that KSU expects of its students? Do you think “cheating” or acts of academic dishonesty that occur in your academic environment impact the value of your education and the value of your college degree? Do you think that a student who commits acts of academic dishonesty can be a trustworthy business partner in the future?