3: MaxiReturn Limited is a fintech company providing accounting solution and financial advice based on Artificial Intelligience technology. The company is one of the first Fintech pioneers in Australia. MaxiReturn has experienced steadily increased sales figures over the last ten years. The company size has also increased to 100 employees currently. Most of them are software engineers and accounting and financial professionals. Adrian Daniels joined MaxiReturn approximately nine months ago as financial controller. His major duties include supervision of the company’s accounting team and preparation of the company’s financial statements. He has noticed that, in the past six months, the company’s sales have actually dropped. This unexpected downturn has resulted in cash shortages. In addition, MaxiReturn has had to postpone the introduction of a new accounting software because one of its business partner, PrintSolution Limited, has not yet delivered the instruction manuals for the new product. Most of MaxiReturn’s printing documents are made by PrintSolution, a small printing company owned by Darren Abbott. Darren has dedicated a major portion of his printing capacity to MaxiReturn’s requirements, because its contracts represent approximately 50 per cent of PrintSolution’s business. Adrian has known Darren for many years, and it was Darren who first told Adrian that MaxiReturn needed a new financial controller. While preparing the company’s most recent financial statements, Adrian became concerned about its ability to maintain timely payments to its suppliers. He estimated that payments to all suppliers, which were usually made within 45 days, were now exceeding 90 days. Benjamin is particularly concerned about payments to PrintSolution. He knows that MaxiReturn has recently placed a large order with PrintSoltuion for printing the new product instruction manuals, and that PrintSoltuion will soon be placing an order with its suppliers for the special paper needed for this new job. Adrian is considering telling Darren about the cash problems of MaxiReturn, although he is aware that a delay in the printing of the documentation would jeopardise his company’s new product. Required: In 500-600 words, describe Adrian Daniel’s ethical responsibilities in this situation. Support and analyze your answer with any standard or guidelines you consider relevant.
Subject Name: Accounting
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