Ethical Dilemma

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Shades of Grey
Ethical Dilemmas

CA House • 21 Haymarket Yards • Edinburgh • EH12 5BH
Tel: 0131 347 0240 • Fax: 0131 347 0114
Email: accountingandauditing@icas.org.uk • Website: www.icas.org.uk

AA_0911_ETHICS_Cover_final.indd 1

02/12/2009 09:11

Ethics Case Studies:Ethics Case Studies 02/12/2009 11:48 Page i

PUBLISHED IN DECEMBER 2009
THE INSTITUTE OF CHARTERED ACCOUNTANTS OF SCOTLAND

© 2009
ISBN 978 1 904574 60 6
EAN 978-1-904574-60-6

This document is published by the Technical Policy Board of The Institute of Chartered Accountants of Scotland. The views expressed in this publication are those of the Ethics Committee and do not necessarily represent the views of the Council of The Institute.

This document gives general guidance only and should not be relied on as appropriate or comprehensive in respect of any particular set of circumstances. It is recommended that users consider seeking their own professional advice.

No responsibility for loss occasioned to any person acting or refraining from action as a result of any material in this publication can be accepted by the authors or the publisher.

All rights reserved. This publication may be reproduced, stored in a retrieval system, or transmitted in any form or by any means, electronic, mechanical, photocopying, recording or otherwise, with appropriate acknowledgement of the publisher.

This booklet can be downloaded without charge from the Institute’s website at: www.icas.org.uk/ethics

A hard copy can be obtained on request from:
The Institute of Chartered Accountants of Scotland
21 Haymarket Yards, Edinburgh EH12 5BH
Tel: 0131 347 0240
Fax: 0131 347 0114
E-mail: accountingandauditing@icas.org.uk

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Ethics Case Studies:Ethics Case Studies 02/12/2009 11:48 Page ii

The members of the Institute’s Ethics Committee who took part in this initiative were: Angela Birkin
Ernst & Young LLP
Angela Brown
Mazars LLP
Ian Paterson Brown (Convener)
Ignis Asset Management
Geraldine Gammell
The Prince’s Trust Scotland
Colin Kerr
LSN
Ken McPhail
University of Glasgow
Ian Robertson
Past President
Homes and Communities Agency for England and Leeds Building Society Diane Walters (Former Member)
Consultant
James E Barbour (Secretary)
The Institute of Chartered Accountants of Scotland

It should be noted that the members of the Committee were acting in their personal capacity and were not representing the organisations for which they work.

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Ethics Case Studies:Ethics Case Studies 02/12/2009 11:48 Page iii

CONTENTS

Ethical Dilemmas
Contents

Page

Foreword ...................................................................................................................................v Introduction ...........................................................................................................................vii 1. Scenarios at a glance .................................................................................................................ix

2. The Case Study Scenarios
The creeping FD .......................................................................................................................1 Double your money...................................................................................................................5 To be, or not to be a NED?........................................................................................................9 A bridge too far .......................................................................................................................13 Keep it in the family ................................................................................................................17 Man or mouse? ........................................................................................................................21 Research and...
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