I guess that would depend on your corporate policies and employment contracts. I can submit reimbursement for cash value travel of expenses at usual market rates, provided the approved reimbursement does exceed not our travel allowances. That said, I have expressly received permission from my employer to do this - it saves them money when I can book basic or standard economy as opposed to PE. It also enables me to cancel travel with no funds lost if my plans change. I also only do this for nonbillable travel. I would not recommend anything but transparency with your employer if deploying this approach.

I'm not aware of this being in violation of AA's Conditions of Carriage, or anything else related to the 24-hour cancellation policy.