RUNNING HEAD: SUZETTE WASHINGTON, ACCOUNTING MAJOR

Suzette Washington, Accounting Major

Name of Student Name of University -

24/02/2014

Suzette Washington, Accounting Major Contents

Ques.1-What would you do if you found yourself in situation similar to that faced by Suzette in this case? ................................................................................................................................. 3 Ques.2-Do you believe it was appropriate for Suzette to report the alleged theft ring to the store manager? Would it have been unethical for Suzette not to report the rumored theft ring? 3 Ques.3-Accounting majors are preparing to enter a profession recognized as having one of the strongest and most rigorously enforced ethical codes. Given this fact, do you believe that accounting majors have greater responsibility than other business majors to behave ethically? 4 Ques.4-Briefly discuss internal control activities that might have prevented the theft losses suffered by Bertolinis?............................................................................................................... 4 REFERENCES ................................................................................................................................ 5

Suzette Washington, Accounting Major

Ques.1-What would you do if you found yourself in situation similar to that faced by Suzette in this case? If I would have been in this situation, I would have done the same thing, it is important that one should not keep quite when you have information about something wrong which should be stopped, but the on the other hand your source of information who trusted you should not be involved. In this case Suzettes friend Paula had some information (Knapp, 2011) but she was afraid to tell anyone because Paula thought it could have harmed her career or future. Suzette rightly informed the management through an anonymous letter (Knapp, 2011), I would have done the same thing but before that I would have cross checked it or I would have wrote in letter that I suspect Alex & matt but not sure about them as I dont have any proof.

Ques.2-Do you believe it was appropriate for Suzette to report the alleged theft ring to the store manager? Would it have been unethical for Suzette not to report the rumored theft ring? Yes, it was certainly appropriate for Suzette to report the alleged theft ring to the store manager because if stealing is a crime and wrong thing then keeping quite even if you know something about it is a crime and wrong. It would not be unethical for Suzette because she didnt steal it and secondly she didnt have proof against the two. But it would have been morally wrong, if she would hadnt reported this then she would have given more chances to Alex & Matt to steal more expensive things next time.

Suzette Washington, Accounting Major

Ques.3-Accounting majors are preparing to enter a profession recognized as having one of the strongest and most rigorously enforced ethical codes. Given this fact, do you believe that accounting majors have greater responsibility than other business majors to behave ethically? Yes accounting major is such a profession where ethics has very important value as it is directly related to money. But that does not mean that they would be having greater responsibility than others. Ethics and its values are same for all, whatever business major it may be, it is equally important for them to be ethical. But on the other hand, being an accounting major she would be having more judgmental & ethical knowledge than others, so, it was really important for her to report this.

Ques.4-Briefly discuss internal control activities that might have prevented the theft losses suffered by Bertolinis? Few internal activities that can prevent theft losses would be 1. Preparing monthly Inventory sheet: - Each and every item should be descripted in that list, every month in starting it should updated on the basis of received items. 2. Cameras: - CCTV cameras can be installed at the required places to keep check on such things. 3. Check: - Stock can be checked any time in the month. These activities can be enforced by the administration and this would be the right time to do that as Alex & Matt have been arrested; administration can enforce these rules by citing that they dont want these activities to increase.

Suzette Washington, Accounting Major

REFERENCES
Knapp, M. C. (2011). Contemporary auditing: Real issues and cases. Cengage Learning