For each of the situations listed, identify the primary standard from the IMA Statement of Ethical Professional Practice that is violated (competence, confidentiality, integrity, or credibility). Refer to Exhibit 1-7 for the complete standard.

1. At a party, Eric gets carried away with bragging about the production process that he has helped to develop at his company. A party-goer who works for a competitor overhears.
2. Process costing has always confused Courtney, an accountant for Murdock Corporation. At the end of the year, Courtney just accepts the bookkeeper’s numbers for ending inventory and cost of goods sold even though the bookkeeper does not have formal training in process costing.
3. Lauren works in the Accounting Department at Blue Moon Consulting. She does not disclose that one of the companies bidding on a contract to provide payroll services for Blue Moon employs her daughter.
4. Cassidy Ritter is a bubbly, fun person. She continually makes recommendations one day after the recommendations were needed. She figures that the managers will tolerate the tardiness of the recommendations because the recommendations are well researched and she gets along with everyone.
5. This quarter, the company switched from using the FIFO method of process costing to the weighted-average method of process costing. Jordan, the chief accountant, did not disclose the change in methods in the reports because they did not want to have to justify the change.

Data From Exhibit 1-7:-

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EXHIBIT 1-7 Members of IMA shall behave ethically. A commitment to ethical professional practice includes overarching principles that express our values and standards that guide our conduct. Principles IMA's overarching ethical principles include: Honesty, Fairness, Objectivity, and Responsibility. Members shall act in accordance with these principles and shall encourage others within their organizations to adhere to them. Standards IMA members have a responsibility to comply with and uphold the standards of Competence, Confidentiality, Integrity, and Credibility. Failure to comply may result in disciplinary action. I. Competence 1. Maintain an appropriate level of professional leadership and expertise by enhancing knowledge and skills. 2. Perform professional duties in accordance with relevant laws, regulations, and technical standards. 3. Provide decision support information and recommendations that are accurate, clear, concise, and timely. Recognize and help manage risk. II. Confidentiality 1. Keep information confidential except when disclosure is authorized or legally required. 2. Inform all relevant parties regarding appropriate use of confidential information. Monitor to ensure compliance. 3. Refrain from using confidential information for unethical or illegal advantage.