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Business And Deontology Essay

806 words - 3 pages

Part 2 - Case StudyEthical problem I have confronted in a business situationDuring my attachment in a prominent auditing firm, I was confronted with a ethical dilemma that challenged my professionalism and business ethics. Our firm was tasked with conducting an audit into the controversial sale of a government owned luxury hotel to private investors. Controversy arose when it was discovered that even though the hotel as a government asset was to be sold through a bidding process to the highest bidder, due process was not followed. Higher bidders were ignored and the sale settled with a private company that had made a lower bid. News surrounding the controversial sale had already spilled to the media. The Ministry of Finance was supposed to handle the hotel transfer, a move aimed at improving performance and generating finances for the government. In spite of the controversy surrounding the sale, the minister for finance insisted that the transfer was transparent and publicly invited auditors to examine all the documents. The matter had generated a lot of debate, both in the public arena and the legislative quarters.Due to the work load of the whole process and the short deadlines that we had been given, I was actively involved in the whole auditing process, even in my capacity as a student in attachment. The information we collected and the background search we did about the concerned company, which had allegedly bought the hotel revealed surprising details. The buyer that existed on the papers was not registered in any country and no tax returns from the said company had ever been filed. Even after contacting the registrar of companies from which the company was allegedly registered, he was not aware of its existence and hence the company was untraceable. On the other hand, we estimated the value of the luxury hotel to be around the tune of $105 million. However, the real sale had been settled at $75 million. The sale, directed by high ranking government officials was controversial in every detail. Also, no bidding was involved as was the practice in accordance to the rules governing disposal of public assets. The circumstances and secrecy under which the transaction was closed, identity of the buyers and valuing were all controversial.However, even after identifying all these anomalies, making this information available to the public proved to be a daunting task. The accused government officials had already approached the top management in our firm, who had...

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