Identify the stakeholders and their obligations. Identify and consider all of the people affected by a decision – the stakeholders. Identify the accounting and auditing issues.

Ethical dilemma

1. what is the primary ethical issue in this case?
2. Gather all the facts. Specify the relevant facts, disagreement, and other conflicts situations.
3. Identify the stakeholders and their obligations. Identify and consider all of the people affected by a decision – the stakeholders.
4. Identify the relevant accounting ethics standards involved in the situation. Identify the most ethical values of the accounting profession that should be considered in evaluating the facts and alternative courses of action.
5. identify the operational issues
6. Identify the accounting and auditing issues.
7. List all the possible alternatives that you can or cannot do.
8. compare and weigh the alternatives. Is it legal ( in conformity with Laws PCAOB rules)? is it consistent with professional standards AICPA principles, IMA ethics standards; GAAP, and GAAS? Is it consistent with in-house rules
(firm’s policies and its own code of ethics), is it right?
what are the potential harms and benefits to the stakeholders? is it fair to the stakeholders? Is it consistent with virtue considerations?
9. Decide on a course of action. After evaluating the ethics of the alternatives, select the one that best meets the ethical requirements of the situation.
!0. Reflect on your decision.