Hot potato: this month's dilemma.
Position | Update |
I am a management accountant working for a privately owned engineering company.
While the finance director is on leave, I am in charge of the finances.
The managing director has a director's loan account and has asked me to make transactions on it, some of which are prior to the year end.
He has said this has been agreed by the other directors.
I do not feel comfortable authorising this and also feel that it will not reflect well on our year end.
Our response:
I suggest you refer to the LIMA, ethical checklist and consider all affected parties and whether you are obliged to keep them informed.
You might also want to consider what impact this may have on the year end. What are the internal polices in this regard?
If there is no written authorisation from the other directors this is something you could query - and then document.
In this situation you need to be sure that you are upholding your objectivity (Section 12), your obligations with regard to...
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