This is a n Accounting principle subject. The assessment and case Study

This is a n Accounting principle subject. The assessment and will be send by file .pdf - Case Study Example Professional Competence and Due Care A professional accountant is expected to demonstrate diligence when executing his duties and should abide by professional standards when executing his professional duties. Considering whether it is within the mandate of the accountant to counter-sign checks and ensuring that the hotel receives professional services in line with the underlying regulations of the accounting profession would translate to the observation of professional competence and due care. Confidentiality A professional accountant must observe confidentiality of information under his care and should not in any way disclose such information to unauthorized third party. Not disclosing the findings about the whole scenario to any third party and not taking advantage of the findings for personal gain would amount to maintaining the principle of confidentiality. Professional Behavior A professional accountant should act within applicable laws and regulations and shun any act that like ly to discredit professionalism. Ensuring that services remain within the law and avoiding any action that would put the profession into questions amount to professional behavior. Q2. a. The parties involved in the case include the company’s directors (husband and wife), the staff of the boutique hotel, the financial institution that mortgaged the hotel, and the community as a whole. For the company’s directors, especially that wife, the transactions are happening in her absence. Therefore, there is a possibility that taking no action would result into huge financial losses on her side through continuous check withdrawals of the recently acquired mortgage for the hotel. For the mortgaging firm, there is a likelihood that the hotel will not be able to pay back its mortgage leading to a huge financial loss. However, if the loan is secured, the mortgaging firm would recover the amount through seizure of the company’s principal asset, a boutique hotel. All the staff of the company would lose their job in the near future because the company would not be in a position to pay them. Moreover, there is likelihood that the company may be declared bankrupt. The closure of the company would have negative impact on the community where it is located because it would cut down job opportunities and disengage those who are currently employed courtesy of the company. b. If I decided to take action, I would consult the audit committee of the company, if there is any and summon the board of directors to shed light on the harmful effects of such fraudulent dealings. I would give my stand to the company’s directors by stating pointblank that I am not ready to be party to the fraudulent deal. First, I would ensure that I act within the fundamental principles of the accounting profession. I would then identify specific factors relevant to the conflict resolution process, which in this case is the unauthorized check withdrawals made by one of the directors of the company. I would then decide the best course of action by weighing the likely consequence of each alternative course action. I would then document the discussions held and decisions arrived at during my discussion with the directors and the audit committee. If the practice persists, I would then contact relevant professional body and legal advisors. A professional

UK Data Natiional Security Essay Example | Topics and Well Written Essays - 12000 words

UK Data Natiional Security - Essay Example Identity cards allow cardholders to establish their identity. This is essential for procuring several goods and services. Presently the IT is used in almost all public bodies to provide their services to the people. They require information regarding the recipients of their services. This information is retained by governmental bodies1. Nevertheless, this information can also be retrieved by criminals to steal identities for fraudulent purposes. Therefore, identity fraud enables an individual to impersonate another individual. By this impersonation the fraudulent individual can obtain the same benefits that are available genuine individuals, to which they are not entitled. Some of these provisions include social security payments, permanent residence in the UK or access to some property. In order to contain and eliminate this identity fraud, ID cards are essential2. During the Second World War, the UK government made it mandatory for every citizen to possess an ID card. These ID cards were distributed to the citizens along with ration books. Citizens aged above sixteen years were required to carry their ID cards with them. Those who failed to carry their ID cards were subjected to prosecution, as it was a criminal offence in those days. Parents and guardians had to carry their children’s identity cards. The government had stated that the enforcement of identity cards would be discontinued after the end of the war. However, the identity cards existed until the year 1952. The people revolted against the compulsory identity card scheme and contended that this scheme was alien to the traditions of the UK3. The proposed ID card scheme is not in accordance with the provisions of the Data Protection Act. In an Institute of Public Policy Research conference, held in London, the Information Commissioner, Richard Thomas made this announcement. He added that a huge database of personal information would be established as part of the proposed ID