BTN 18-3 Managerial accounting professionals follow a code of ethics. As a member of the Institute of Management Accountants, the managerial accountant must comply with standards of ethical conduct. Required 1. Read the Statement of Ethical Professional Practice posted at IMAnet.org. (Under “Career Resources" select "Ethics Center," and then select "IMA Statement of Ethical Professional Practice.") 2. What four overarching ethical principles underlie the IMA's statement? 3. Describe the courses of action the IMA recommends in resolving ethical conflicts. Activate Windows Go to Settings to a Page 65

BTN 18-3 Managerial accounting professionals follow a code of ethics. As a member of the Institute of Management Accountants, the managerial accountant must comply with standards of ethical conduct. Required 1. Read the Statement of Ethical Professional Practice posted at IMAnet.org. (Under “Career Resources" select "Ethics Center," and then select "IMA Statement of Ethical Professional Practice.") 2. What four overarching ethical principles underlie the IMA's statement? 3. Describe the courses of action the IMA recommends in resolving ethical conflicts. Activate Windows Go to Settings to a Page 65

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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5. Discuss the importance of personal competence, professional judgment and ethical behavior on the part of accounting professionals.
QUESTION 3 The IFAC international Ethics Standards Board for Accountant (IESBA) Code of Ethics for Professional Accountants set out the five fundamental principles of professional ethics and provides a conceptual framework for applying those principles. Professional Accountants must apply this conceptual framework to identify threats to compliance with the principles, evaluate their significance and apply appropriate safeguards to eliminate or reduce them so that compliance is not compromised. Required: Explain FIVE major threats identified in the code of ethics giving ONE example of each.
Please answer questions number 1 and 2
explain each of the 7 reasons why the Code of Ethics exists in accounting. It is inherent to the accounting profession- Information needs to remain confidential- The integrity of the employees- The accountant needs to be knowledgeable- The company’s reputation- Tax payments- Financial planning-
QUESTION 2 Threats may threaten a chartered accountant's compliance with the fundamental principles that are in the code. Identify the 5 different types of threats which exist.
12. A professional accountant should be straightforward and honest in all professional and business relationships, meaning ____________. a. Integrity b. Objectivity c. None of the given options d. Confidentiality
Requirements Each of the statements below describes a responsibility of management. Match each statement to the management responsibility being fulfilled (a. Plan or d. Controlling). 1. 2₁ 3. Are the statements below more descriptive of managerial accounting or financial accounting information? Each of the statements below paraphrases an ethical responsibility. Match each statement to the standard of ethical professional practice being fulfilled c. Integrity, or d. Credibility). Each standard may be used more than once or not at all. Requirement 1. Each of the statements below describes a responsibility of management. Match each statement to the management responsibility being fulfilled c. Directing, or d. Controlling). Statement 1. Identifying alternative courses of action and choosing among them 2. Running the company on a day-to-day basis 3. Determining whether the company's units are operating according to plan Setting goals and objectives for the company and determining strategies…
Identify and explain as an example at least 3 scenarios (related with ethics in management accounting only) where Credibility is not followed so that staff may have a better understanding of these guidelines?
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Question 5 a) List and briefly the main threats to independence and objectivity as identified in IESBA's Code of ethics for Professional Accountants, for each threat you should give an example. b) Briefly explain the fundamental principle of confidentiality and list the circumstances in which obligatory and voluntary disclosure of Information may be applicable. Professional accountants are often involved in many different types of work ranging from performing the external audit to providing wider assurance services. Where an external audit is carried out the auditor required to give an opinion as to whether the financial statements present fairly the activities of the business over a period of time. c) Explain the concept of true and fair presentation.