FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Question
Which of the following proposes actions would clearly present an ethical dilemma to the company and violate the IMA Standards of Ethical Conduct?
Expert Solution
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Step 1: Definition
IMA Standards:
To help management personnel there are some principles and standards that have been developed by IMA. The IMA's Statement of Ethical Professional Practice requires management accountants to do the following:
- Maintain professional competence.
- Preserve confidentiality.
- Uphold integrity.
- Perform duties with credibility.
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- What are some questions that a CPA should consider when resolving an ethical dilemma?arrow_forward50. Which of the following rules of conduct would fall under Integrity? Group of answer choices Shall not accept anything that may impair or be presumed to impair their professional judgment. Shall exhibit the highest level of professional objectivity in gathering, evaluating, and communicating information about the activity or process being examined. None of the choices Shall not use information for any personal gain or in any manner that would be contrary to the law or detrimental to the legitimate and ethical objectives of the organization. Shall respect and contribute to the legitimate and ethical objectives of the organization.arrow_forwardProvide best Answer As per posible fastarrow_forward
- Discuss the importance of ethical behavior in accounting and the consequences of unethical behavior.arrow_forwardS1: Where a conflict of interest poses a threat to one or more of the fundamental principles that cannot be eliminated or reduced to an acceptable level through the application of safeguards, the professional accountant in public practice should conclude that it is not appropriate to accept a specific engagement. S2: A professional accountant in business should only undertake significant tasks for which the professional accountant in business has, or can obtain, sufficient specific training or experience. S3: It is not appropriate for the engagement team to use of advisory services provided by other firms, professional and regulatory bodies, or commercial organizations that provide relevant quality control services. A. Only 1 statement is True B. Only 2 statements are True C. All statements are True D. All statements are Falsearrow_forwardissues of ethics, regulation and compliance and the extent to which they are constraints or threats to the organisationarrow_forward
- Which of the forgoing "year-end" actions are clearly in conflict with the IMA statement of ethical standards and should be viewed as unacceptable because of their potential harm to investors?arrow_forwardHow does the lack of regulations or related laws affect compliance with the best ethical practices in the countries involved?arrow_forwardAICPA members who work in industry and government must always uphold which two of the following AICPA rules of conduct?a. The Independence Rule.b. The Integrity and Objectivity Rule.c. The Confidential Client Information Rule.d. The Acts Discreditable Rule.arrow_forward
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