Ethical Framework for Professional Accountants

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Table of Contents

Introduction
Discussion
Conclusion
References

Introduction

On the FTE Network, I would propose the utilitarian approach for establishing appropriate conduct standards for professional accountants producing high-level decision-making and values. The framework will make every employee, regardless of their employment position, understand the outcomes of their actions. The approach is result-based.

Discussion

Therefore, both Palleschi and Lethem would have acknowledged that each decision must have been one that produced the greatest balance of good over harm for the majority of the stakeholders (May 2017). Therefore, every value and decision made on behalf of the organization must have an accurate likelihood determination of a specific outcome alongside its effect. Through the framework, it would have been impossible for Palleschi and Lethem to misappropriate millions of dollars of company funds to compensate for their personal expenses (SEC, 2021). With the framework requiring an accurate determination of the likelihood of a specific outcome and its impact, management would be involved in the decision-making process regarding what company resources to use in making ethical decisions. Some of the company resources constitute gathering facts, comparing alternatives with the values, weighing the outcomes, and articulating the dilemma.

The internal controls could have been utilized to produce more ethical behavior. Internal controls could have applied the relevant regulations and laws to ensure Palleschi and Lethem did not violate any organizational policy in their decision-making. The practical aspects of corporate governance include internal controls, which allow procedures and rules adherence organizations utilize when following moral codes (Doxey, 2019).

Conclusion

Therefore, a plan by corporate governance would have been an appropriate vehicle for the delivery of internal controls to encourage ethical behavior since internal control would have monitored Palleschi and Lethem’s activities. Through corporate governance, FTE Network would have set the recommended procedures and standards, and, through internal control, FTE would have ensured the CEO and CFO followed the procedures.

References

Doxey, C. H. (2019). Internal controls toolkit. John Wiley & Sons.

May, L. (2017). Applied ethics: A multicultural approach. Taylor and Francis.

Securities and Exchange Commission. (2021). SEC charges executives of network infrastructure with accounting fraud.

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Ethical Framework for Professional Accountants

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