please read the below and I need answers in accounting terms
Late one Sunday afternoon, Abdullah Al Ghamdi, a veteran audit manager with, Baker Tilly, a CPA firm, was reviewing documents for a long time clients of the firm, Saudi Transport. The year-end audit was scheduled to begin Monday. For three months, the economy had been in a down cycle and the transportation industry was particularly hard hit. As a result, Abdullah expected Saudi Transport’s financial results would not be pleasant news to shareholders. However, what Abdullah saw in the preliminary statements made his sigh aloud. Results were much worse than he feared. Ali Al Ali, the company president, already is in the doghouse with shareholders, Abdullah thought to himself. “when they see these numbers, they’ll hang him out to dry.”
“I wonder if he is considered some strategic accounting changes,” he thought, after reflecting on the situation. “the bad news could be softened quite a bit by changing inventory methods or reconsidering some of the estimate used in other areas.”
Required:
How would the actions contemplated contribute toward “softening” the bad news?
Do you perceive an ethical dilemma? What would be the likely impact of the following up on Abdullah’s thoughts? Who would benefit? Who would be injured?
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