Managerial Accounting
Managerial Accounting
17th Edition
ISBN: 9781260247787
Author: Ray H. Garrison, Eric W. Noreen, Peter C. Brewer
Publisher: RENT MCG
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Chapter 14, Problem 31C

1)

To determine

Introduction:

The Statement of Ethical Professional Practice of Institute of Management Accountants

  • The Statement of Ethical Professional Practice of Institute of Management Accountants is a guideline of the various principles and policies regarding the ethical obligations of the members of the Institute of Management Accountants.
  • It comprises of the Principles of the Institute of Management Accountants, Standards of the Institute of Management Accountants and the course of Action prescribed by the Institute of Management Accountants in resolving ethical conflicts.

If revision of proposal violates the Statement of Ethical Professional Practice of Institute of Management Accountants.

2)

To determine

Introduction:

The Statement of Ethical Professional Practice of Institute of Management Accountants

  • The Statement of Ethical Professional Practice of Institute of Management Accountants is a guideline of the various principles and policies regarding the ethical obligations of the members of the Institute of Management Accountants.
  • It comprises of the Principles of the Institute of Management Accountants, Standards of the Institute of Management Accountants and the course of Action prescribed by the Institute of Management Accountants in resolving ethical conflicts.

If the directors’ actions violate the Statement of Ethical Professional Practice of Institute of Management Accountants by dictating how the proposal should be revised.

To determine

3)

Internal Control

  • Internal controls refer to the systems and processes implemented by an organization to reduce errors and frauds that can occur in the course of the business on a day to day basis.
  • Internal controls are primarily implemented to mitigate the risks of errors and frauds as well as ensure chain of authority and responsibility and business systems are functioning the way they are intended to.
  • Formulation and Implementation is primarily the responsibility of the management and along with reviewing and monitoring the internal controls and analyzing the variances and deviations if any from expected results.

Internal controls that can be implemented to prevent unethical behavior

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Chapter 14 Solutions

Managerial Accounting

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