ACCT 245 Ch. 1 - ethics
integrity
abstain from engaging in or supporting any activity that might discredit the profession
credibility
communicate information fairly and objectively
the IMA's 4 ethical standards
credibility, competence, integrity, confidentiality
IMA's Statement on Ethical Professional Practice
developed by the IMA to help MAs deal with ethical challenges, remind us that society expects professional accountants to exhibit the highest level of ethical behavior
credibility
disclose all relevant information that could reasonably be expected to influence an intended user's understanding of the reports, analyses, or recommendations
credibility
disclose delays or deficiencies in information, timeliness, processing, or internal controls in conformance with organization policy and/or applicable law
how to resolve ethical dilemmas?
discuss the situation with the immediate supervisor, discuss the unethical situation with an objective advisor, consult an attorney regarding legal obligations and rights
IMA's ethical principles
honesty, fairness, objectivity, and responsibility
confidentiality
inform all relevant parties regarding appropriate use of confidential information. monitor subordinates' activities to ensure compliance.
confidentiality
keep information confidential except when disclosure is authorized or legally required
competence
maintain an appropriate level of professional expertise by continually developing knowledge and skills
integrity
mitigate actual conflicts of interest. regularly communicate with business associates to avoid apparent conflicts of interest. advise all parties of any potential conflicts.
competence
perform professional duties in accordance with relevant laws, regulations, and technical standards
competence
provide decision support information and recommendations that are accurate, clear, concise, and timely
competence
recognize and communicate professional limitations or other constraints that would preclude responsible judgement or successful performance of an activity
integrity
refrain from engaging in any conduct that would prejudice carrying out duties ethically.
confidentiality
refrain from using confidential information for unethical or illegal advantage
