Moderate Research Ethical issues Gilbert and Bradley formed a corporation called Financial…

Moderate Research Ethical issues

Gilbert and Bradley formed a corporation called Financial Services, Inc., each taking 50% of the authorized common stock. Gilbert is a CPA and a member of the American Institute of CPAs. Bradley is a CPCU (Chartered Property Casualty Underwriter). The corporation performs auditing and tax services under Gilbert’s direction and insurance services under Bradley’s supervision. The opening of the corporation’s office was announced by a three-inch, two-column ad in the local newspaper.

One of the corporation’s first audit clients was the Grandtime Company. Grandtime had total assets of $600,000 and total liabilities of $270,000. In the course of the audit, Gilbert found that Grandtime’s building with a book value of $240,000 was pledged as security for a 10-year term note in the amount of $200,000. The client’s statements did not mention that the building was pledged as a security for the note. However, as the failure to disclose the lien did not affect either the value of the assets or the amount of the liabilities and the audit was satisfactory in all other respects, Gilbert rendered an unqualified opinion on Grandtime’s financial statements. About two months after the date of the opinion, Gilbert learned that an insurance company was planning a loan to Grandtime of $150,000 in the form of a first-mortgage note on the building. Realizing that the insurance company was unaware of the existing lien on the building, Gilbert had Bradley notify the insurance company of the fact that Grandtime’s building was pledged as security for the term note. Shortly after the events described above, Gilbert was charged with a violation of professional ethics.

Required

Identify and discuss the ethical implication of those acts by Gilbert that were in violation of the AICPA Code of Professional Conduct (available at the AICPA website, www.aicpa.org).

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