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Ethics is a central component of relations between companies and individuals. It regulates the behaviors of all parties and ensures that there will be no inappropriate actions, solutions, or strategies aimed at making benefit from causing harm to other organizations or individuals. For this reason, the observation of the Code of Conduct, containing the major ethical principles, is vital for the modern business world as it guarantees that all parties will remain satisfied and ready to continue cooperation. The analyzed case revolves around the ethical dilemma that emerges because of the disregard of one of the assumptions of the Code.
The major consideration of the case is the lack of respect for clients and partners, along with the violation of existing rules. Thus, Jay Barnes, an experienced treasurer, ensures Tiffany Lyons act in accordance with the strategy that has been employed by him for several years. It presupposes dating all checks the last day of the discount period to hold them four days beyond the discount period and acquire another four days of interest on money. If clients are not satisfied with the situation, the company can blame the post office and mail because of the checks date. In such a way, Jay uses the unfair practice presupposing the provision of false information to clients and hurting the image of the post. Such actions can also be viewed as unethical and violating the Code of Conduct.
The case presupposes several stakeholders involved in the process. First of all, the clients might suffer because of the delays in their money. Because they need this sort of services, they will continue the cooperation in most cases; however, they might experience some harm (Klein, 2015). Second, the post-office and mail can suffer reputational losses because of the actions of Key West Stores as they are blamed for delays. At the same time, the company is another stakeholder which benefits from the situation as it acquires money for a longer-term. Finally, Tiffany Lyons is another party to the conflict as she can be blamed for inappropriate behavior if she continues to act in this way.
From the case, it is possible to conclude that Tiffany should stop acting in the way offered by Jay. Although she learns how to work in the company, she should realize that such actions contradict the Code of Conduct and the principles of public interest, responsibilities, and respect (Weygandt et al., 2018). The given behavior is inappropriate and can precondition the deterioration of the companys image, financial, and reputational losses. For Tiffany, it is vital to consult with the companys top management outlining the strategy offered by Jay and emphasizing its unacceptability because of its unethical nature. As a new employee, Tiffany has a choice as she can ask for the assistance of other supervisors or company workers and discuss the given situation with them. In such a way, the strategy offered by Jay should not be continued and must be replaced by a new one, selected in accordance with the existing Code.
The case can be resolved by applying the principles of the Code of Conduct. Thus, it is possible to use the public of interest principle regarding Key West Stores (AICPA, 2020). It states that a specialist should hold the responsibility to the public and act respecting the interests of all clients (AICPA, 2020). Because the public interest is the collective well-being of the community of people and institutions, the harm done to one client can affect the whole society (AICPA, 2020). For this reason, it is vital to ensure that the actions of a specialist do not create the basis for the deterioration of the state of a client and other organizations involved in the provision of specific services.
From the perspective of the selected principle, the following plan can be recommended. First, Tiffany should inform Jay about the courses unacceptability and the need to adhere to the standard rules applied to the situation. Second, she should start dating checks correctly to avoid possible claims from clients or the post office. Finally, if problems with documents dated previously emerge, Tiffany should be responsible for clarifying these issues, communicating with clients, and asking for an apology insisting on the fact that the situation will not repeat in the future (Klein, 2015).
Altogether, the provided case demonstrates the importance of ethical principles in the functioning of various organizations. The disregard of the Code of Conduct might precondition serious harm to organizations and individuals and destroy the image of a particular firm. For this reason, specialists such as Tiffany and Jay should follow the existing rules and principles to avoid the emergence of disputable situations and be ready to contribute to the development of communities by their actions. Conflict situations can also be managed by applying the Code of Conduct. Only if the central assumptions of ethics are considered, people can benefit from the cooperation and engage in trustful relations needed for future achievement.
References
The American Institute of Certified Public Accountants (AICPA). (2020). Code of professional conduct. AICPA. Web.
Klein, G. (2015). Ethics in accounting: A decision-making approach. Wiley.
Weygandt, J. J., Kimmel, P. D., & Kieso, D. E. (2018). Accounting principles (13th ed.). Wiley.
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