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refer to Exhibit 1-7 answer the following questions: 1. WRITE 6-7 SENTENCES FOR YOUR RESPONSE: What is (are) the ethical issue(s) in this situation? WRITE 7-8 SENTENCES FOR YOUR RESPONSE: What are Jane's responsibilities as a management accountant? 3. WRITE 8-9 SENTENCES FOR YOUR RESPONSE: Has Jane violated any part of the IMA Statement of Ethical Professional Practice? Support your answer. Ethics and casual conversations: Jane is an accountant at Merelix, a large intemational firm where she works on potential acquisitions. When Merelix is preparing to acquire a company, Jane is involved in filing the necessary paperwork with the Securities and Exchange Commission (SEC). Jane has been dating Tom for two years; they are now discussing marriage. Tom works as a salesperson for a golf equipment distributor. Over the past two years, Jane has talked with Tom about what she's doing at work. She does not go into great detail, but does occasionally mention company names. Jane has given her phone passcode to Tom so he can answer calls for her or look things up for her when she's the one driving. Tom has read some of her em ails by using the phone passcode. He has also eavesdropped on a few phone conversations she has had when a colleague calls her from work with a question. Unbeknownst to Jane, Tom has been sharing the information he has gotten from her with his stockbroker friend, Allen. Tom will call Allen to give him a "heads up that Jane's company is going to be acquiring another company soon. Allen will then place an order to buy the stock of the company and will later split the profits with Tom. Jane has not shared any information intentionally, nor has she directly profited from it. AIBIT 1-7 IMA Statement of Ethical Professional Practical commitment to ethical professional practice includes overatching principles that express Members of IMA shall behave ethically. A commitment to ethi Our values, and standards that guide our conduct. Principles IMA's overarching ethical principles include: Honesty. Faire these principles and shall encourage others within their organi Jonesty, Fairness, Objectivity, and Responsibility. Membershall act in accordance w their organizations to adhere to them. Standards A member's failure to comply with the following standards me ollowing standards may result in disciplinary action, 1. Competence Each member has a responsibility to: 1. Maintain an appropriate level of professional expertise by professional expertise by continually developing knowledge and skills, Ordance with relevant laws, regulations, and technical standards nd recommendations that are accurate, clear, concise, and timely. sional limitations or other constraints that would preclude responsible judgment of 3. Provide decision support information and recommendations the 4. Recognize and communicate professional limitations or successful performance of an activity. IL Confidentiality Each member has a responsibility to: mation confidential except when disclosure is authorized or legally required 2. Inform all relevant parties regarding appropriate use of confidential informe recarding appropriate use of condential information. Monitor subordinates' activities to ensure compliance. 3. Refrain from using confidential information for unethical or illegal advantage III. Integrity Each member has a responsibility to: Miscare actual conflicts of interest. Regularly communicate with business associates to avoid apparent conflicts of interest Advise all parties of any potential conflicts. 2. Refrain from engaging in any conduct that would prejudice carrying out duties ethically 3. Abstain from engaging in or supporting any activity that might discredit the profession IV. Credibility Each member has a responsibility to: 1. Communicate information fairly and objectively. 2. Disclose all relevant information that could reasonably be expected to influence an intended user's understanding of the reports, analyses, or recommendations. s. Disclose delays or deficiencies in information, timeliness, processing, or internal controls in conformance with organization policy and/or applicable law. Institute of Management Accountants. Adapted with permission (2006)