You are one of three partners in a firm of accountants. Five years ago the firm was appointed
as external accountants to a young, successful and fast-growing company, engaged to prepare
year end accounts and tax returns. The business had started trading with a handful of
employees but now has a workforce of 200, while still remaining below the size of company
requiring a statutory audit.
Due to your close relationship with the directors of the company (who are its owners) and
several of its staff, you become aware that staff purchases of goods manufactured by the
company are authorized by production managers, and then processed outside the accounting
system. The proceeds from these sales are used to fund the firm’s Christmas party.
l l l Identify what legal, professional and ethical issues are involved in this case? (2) Identify all
the people you think may have been harmed, and how they were harmed, by the flrm’s
practice? and (3) discuss the UAE law of ethics and accounting in relation to the above factual
situation?
Submitted work will be marked according to the following criteria:
a) Summarizes the context and content of case:
I. Excellent: delivers in-depth. very clear and concise summary of the case context and
content.
2. Very good: delivers a very clear and concise summary of the case context and content.
3. Good: delivers clear but less than concise summary. including some irrelevant
information.
4. Poor: provides a somewhat confused, unclear and pointless summary of the case.
b) Clearly identifies and describes the major problems of the case:
I. Excellent: Identifies and in-depth describes multiple issues/problems in the case. and
explains why.
2. Very good: identifies and clearly describes most of the major issues/problems in the
C358.
3. Good: identifies one or more key problems of the case with superficial discussion of the
i. issues/problems in the case.
T,;’-.,-‘K.;.-..’; 7; .‘ fi; 4. Poor: Attempts to discuss issues. but fails to recognize any of the key issues/problems of
K d“ we-
hiefiifiifiw provides an analysis of the case
l. Excellent: ln-depth analysis. e.g. most relevant ethical, professional. and/or legal issues is
analyzed.
2- Very good: Some of the relevant ethical. professional. and/or legal issues are analyzed.
3- Good: One relevant ethical. professional, legal issue is analyzed.
4. Poor: Fails to deliver any meaningful analysis of the case.
d) Provudes and action plan for resolving the case issues/matterslproblems.
l- Excellent: ln-depth and logical analysis and discussion of action plan to resolve the case
problems.
2- Very good: Strong discussion of aCtion plans to resolve the case problems.
3- Good: Adequate discussion of action plans to resolve the case problems.
4- Poor: Fails to provide a meaningful resolution of the problems/or no discussion of
resolution at all.
Mm 5-7 pages (including footnotes and bibliography).
DUE DATE: MONDAY 15 NOVEMBER 2017 (IN CLASS).
FORMATTING:
Font not less than 12
Line spacing (1.5)
NO hand writing.
ACKNOWLEDGEMENT AND REFERENCING
Make sure you know what plagiarism is? Downloading information from the web and putting
it into your essays without quotation marks and references is plagiarism, and you will likely
be caught. If you use the web in your research, every time you download or copy something,
make sure you note exactly where it is from, when you obtained it (web-based sources can
change frequentlY), who wrote it, and if you are copying it into another document (e.g. you
own computer-based notes or your draft essay) put the section in quotation marks (it is a
good idea to highlight it all too, e.g. in bold), so that you know these are someone else’s words
when you come to write your essay. Don’t take short cuts: it doesn’t matter if you plagiarize
by accident or intend to use someone else’s words or ideas: it is still plagiarism (i.e. no
intention is necessary).
