When Toyota Motor Corporation failed to meet its profit targets, the company set an aggressive goal of reducing the cost of its auto parts by 30%. The quality and safety of the company’s automobiles eventually suffered mightily resulting in recalls, litigation, incentive campaigns, and marketing efforts that analysts estimate would cost the company more than $5 billion. The car maker’s president, Akio Toyoda, blamed his company’s massive quality lapses on an excessive focus on profits and market share. Similarly, Jim Press, Toyota’s former top U.S. executive, said the problems were caused by "financially-oriented pirates who didn’t have the character to maintain a customer-first focus."
Discuss the above in line with the role of the management accountant’s ethical responsibilities.
