Richmond, Inc., operates a chain of 44 department stores. Two years ago, the board of directors of Richamond approved a large-scale remodeling to attract a similar crowd.
Before finalizing these plans, two stores were remodeled as a test. Jennifer Spade , assistant controller, was asked to oversee the finance reporting for these test stores and she and other Management personnel were offered bonuses based on the sales growth and profitability of these stores. While completing the reports, Spade realized a sizable inventory of outdated goods that should have been discounted for sale or returned to the manufacturer. She and her management colleagues discussed the matter and decided to disregard reporting this inventory as obsolete because the financial results would reduce their bonuses.
According to the IMAs Statement of Ethical Professional Practice, would it be ethical for Spade to not report the inventory as obsolete?
Would it be easy for Spade to take the ethical action in this situation?
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