Rational Choice Theory of Corporate Crime †MyAssignmenthelp.com

Question: Discuss about the Rational Choice Theory of Corporate Crime. Answer: Introduction: Reflection on the significance of standards, code of ethics and professionalism in relation to the detection, investigation and prevention of ethical misconduct and fraud Professionalism provides us that we should act in a manner which would hold the dignity of the profession which we are in and will also ensure the legitimate interest our clients are protected by us. In addition the code of ethics and standards provide us with guidelines which we should follow to ensure that we are working in a manner which is legal and ethical. Fraud and ethical misconduct takes place when a person acts in personal interest and in an illegal and unethical manner takes away the rights other person who they are dealing with. It is evident from the nature of professional standards and other code of conducts that they promote what is ethically and legally correct. Thus when it comes to fraud and other unethical conduct that compliance with code of ethics and standards would ensure that a person does not indulge into such actions. In addition by comparing the actions of others with the standards and code a person would also be able to deduct that the other person is doin g any fraud or unethical conduct if his or her actions are not in compliance with the code of conduct and standards. The investigation could also be carried on based on the standards and code. This would also be done based on the compliance level achieved with the standards and codes. Self-reflection in relation to own performance with respect to Professional Code of Conduct Accounting 350 The accounting 350 code of conduct tells us to deal with courteously, fairness and truth with the faculty and other students in the class. I always ensure that I do not disrespect any person who I deal with and always ensure that I incorporate fairness and courtesy in my behavior. In relation to integrity I know that I should avoid any situation which may be unethical in relation to the code or my common sense. I know the importance of maintaining academic integrity. I know that I have to ensure that I provide independent work which is references properly in relation to the sources of information which I use. I know that examinations are for me to solve and I should not take any form of assistance in relation to them from anyone. Under the head of professionalism I know that I have to work with diligence and care and also show professional competency in relation to my work. I have to attend classes regularly and complete the readings of material and class discussions. I know that I h ave to behave very professionally within the class such as were I am about to receive an urgent message during the class I will have to inform my professor about it before hand. I also ensure that I keep my mobile phone turned off during the class. Reflection on personal code of conduct and specification of different code of conducts to which I may be subjected to in the future and how to prepare best against ethical dilemmas. In relation to my own code of conduct I have to ensure that while discharging my duties I ensure that I am acting with care and diligence and in the legitimate interest of any person I am dealing with. My personal code of conduct tells me to prioritize the interest of any person who I owe fiduciary obligation to over my own interest when any conflict of interest situation arises. My code of conduct also imposes a duty on me to act in accordance to law at all times. I sould also ensure that when I deal with my clients I act in their best interest and do not do any act which may cause any loss of reputation in relation to the profession I am in. there are various code of conducts which I may be subjected to in relation to my profession in the future such as Canadian Tire Code of Conduct, CPA BC - Rules of Professional Conduct and Certified Financial Planner CFP Code of Ethics The case study which I have selected in relation to this part of the paper is Martin Wirick in the Wirick-Gill mortgage fraud. In the given situation the person concerned person is a lawyer and has been found to have indulged in misappropriating trust funds related to a transaction in real estate sector. Until the person in context saw that sufficient funds were available he delayed payments and as funds were never available his actions accounted to fraud (CBC News, 2018). Through the fraud triangle analysis it can be stated that there are three things which needs to be present for a person to commit fraud which are pressure, rationalization and opportunity (Schuchter Levi, 2016). Here it can be stated that Martin was under pressure to get the money and also had the opportunity to get into the act and he rationalized that act by thinking that he would make the payments when the funds were available. Therefore this was a cause of the action committed by Martin. His action can also be traced through the rational choice theory in criminology (Simpson Paternoster, 2017). He did the act as he thought that that act was rational on his part and he is not doing a wrong thing. Here he would have avoided the situation my making proper disclosure. There are significant benefits which have been gained by me in relation to my ACCT 350 experience. I now know the importance of behaving ethically and treating others with respect and fairness. I know why people indulge into unethical and fraudulent action. It is known to me that what actions I must take in a situation of conflict of interest and how to avoid such situations. I suggest that the classes are going on very effectively and if the same environment is present in the future it will be very beneficial for us. References Alleged $40M fraudster Tarsem Singh Gill goes back on guilty plea | CBC News. (2018). CBC. Retrieved 9 April 2018, from https://www.cbc.ca/news/canada/british-columbia/alleged-40m-fraudster-tarsem-singh-gill-goes-back-on-guilty-plea-1.2490992 Schuchter, A., Levi, M. (2016). The fraud triangle revisited.Security Journal,29(2), 107-121. Simpson, S., Paternoster, R. (2017). A rational choice theory of corporate crime. In Routine activity and rational choice (pp. 37-58). Routledge