Accounting 25th Edition by Carl Warren, James Reeve, Jonathan Duchac

Exercise 1

Ethics and professional conduct in business
During the preparation of the bank reconciliation for Building Concepts Co., Joel Kimmel, the assistant controller, discovered that Lone Peak National Bank incorrectly recorded a $3,290 check written by Building Concepts Co. as $329. Joel has decided not to notify the bank but wait for the bank to edtect the error. Joel plans to record the $2,961 error as Other Income if the bank fails to detect the error within the next three months.
Discuss whether Joel is behaving in a professional manner.