Hello talented tutors, Could you help me with these questions You will need to read the IMA Ethical Standards, After that you will give a paper consisting responding to the scenario below This paper should consist of your opinion of how the IMA standards apply or don't apply to this situation It should not simply be a discussion of the IMA standards At the end of this you should be able to Identify the IMA ethical standards Apply 1 or more of those standards to an accounting decision Scenario You've been working as an accountant at Cheetham Inc for five years when one of your coworkers, Pate, was laid off due budget cuts One day your boss says If we would have changed our method of overhead allocation to reduce the cost of our product line, your coworker Pate would not have been let go If the product cost went down, we would have had enough budgeted money to keep all employees Too bad we didn't know this before she was let go Your other coworker, Davi, also heard the comments from the boss Davi is unhappy with his job and urged you to put this information on social media to make the company look bad What should you do If you did comply, would you be violating any of the IMA's ethical standards These isIMA Ethical Standards Members of IMA shall behave ethically A commitment to ethical professional practice includes overarching principles that express our values and standards that guide member 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 Maintain an appropriate level of professional leadership and expertise by enhancing knowledge and skills Perform professional duties in accordance with relevant laws, regulations, and technical standards Provide decision support information and recommendations that are accurate, clear, concise, and timely Recognize and help manage risk II Confidentiality Keep information confidential except when disclosure is authorized or legally required Inform all relevant parties regarding appropriate use of confidential information Monitor to ensure compliance Refrain from using confidential information for unethical or an illegal advantage III Integrity Mitigate actual conflicts of interest Regularly communicate with business associates to avoid apparent conflicts of interest Advise all parties of any potential conflicts of interest Refrain from engaging in any conduct that would prejudice carrying out duties ethically Abstain from engaging in or supporting any activity that might discredit the profession Contribute to a positive ethical culture and place integrity of the profession above personal interests IV Credibility Communicate information fairly and objectively Provide all relevant information that could reasonably be expected to influence an intended user's understanding of the reports, analyses, or recommendations Report any delays or deficiencies in information, timeliness, processing, or internal controls in conformance with organization policy and or applicable law Communicate professional limitations or other constraints that would preclude responsible judgment or successful performance of an activity Resolving Ethical Issues In applying the Standards of Ethical Professional Practice, the member may encounter unethical issues or behavior In these situations, the member should not ignore them, but rather, should actively seek resolution of the issue In determining which steps to follow, the member should consider all risks involved and whether protections exist against retaliation When faced with unethical issues, the member should follow the established policies of his or her organization, including use of an anonymous reporting system if available If the organization does not have established policies, the member should consider the following courses of action The resolution process could include a discussion with the member's immediate supervisor If the supervisor appears to be involved, the issue could be presented to the next level of management IMA offers an anonymous helpline that the member may call to request how key elements of theIMA Statement of Ethical Professional Practicecould be applied to the ethical issue The member should consider consulting his or her own attorney to learn of any legal obligations, rights, and risks concerning the issue If resolution efforts are not successful, the member may wish to consider disassociating from the organization

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Hello talented tutors, Could you help me with these questions? You will need to read the IMA Ethical Standards, After that you will give a

Hello talented tutors,

Could you help me with these questions?

You will need to read the IMA Ethical Standards, After that you will give a paper consisting responding to the scenario below. This paper should consist of your opinion of how the IMA standards apply or don't apply to this situation. It should not simply be a discussion of the IMA standards.

At the end of this you should be able to:

Identify the IMA ethical standards

Apply 1 or more of those standards to an accounting decision

Scenario:

You've been working as an accountant at Cheetham Inc for five years when one of your coworkers, Pate, was laid off due budget cuts.One day your boss says "If we would have changed our method of overhead allocation to reduce the cost of our product line, your coworker Pate would not have been let go! If the product cost went down, we would have had enough budgeted money to keep all employees. Too bad we didn't know this before she was let go."

Your other coworker, Davi, also heard the comments from the boss. Davi is unhappy with his job and urged you to put this information on social media to make the company look bad.

What should you do? If you did comply, would you be violating any of the IMA's ethical standards?

These isIMA Ethical Standards:

Members of IMA shall behave ethically. A commitment to ethical professional practice includes overarching principles that express our values and standards that guide member 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

Maintain an appropriate level of professional leadership and expertise by enhancing knowledge and skills.
Perform professional duties in accordance with relevant laws, regulations, and technical standards.
Provide decision support information and recommendations that are accurate, clear, concise, and timely. Recognize and help manage risk.

II. Confidentiality

Keep information confidential except when disclosure is authorized or legally required.
Inform all relevant parties regarding appropriate use of confidential information. Monitor to ensure compliance.
Refrain from using confidential information for unethical or an illegal advantage.

III. Integrity

Mitigate actual conflicts of interest. Regularly communicate with business associates to avoid apparent conflicts of interest. Advise all parties of any potential conflicts of interest.
Refrain from engaging in any conduct that would prejudice carrying out duties ethically.
Abstain from engaging in or supporting any activity that might discredit the profession.
Contribute to a positive ethical culture and place integrity of the profession above personal interests.

IV. Credibility

Communicate information fairly and objectively.
Provide all relevant information that could reasonably be expected to influence an intended user's understanding of the reports, analyses, or recommendations.
Report any delays or deficiencies in information, timeliness, processing, or internal controls in conformance with organization policy and/or applicable law.
Communicate professional limitations or other constraints that would preclude responsible judgment or successful performance of an activity.

Resolving Ethical Issues

In applying the Standards of Ethical Professional Practice, the member may encounter unethical issues or behavior. In these situations, the member should not ignore them, but rather, should actively seek resolution of the issue. In determining which steps to follow, the member should consider all risks involved and whether protections exist against retaliation.

When faced with unethical issues, the member should follow the established policies of his or her organization, including use of an anonymous reporting system if available. If the organization does not have established policies, the member should consider the following courses of action:

The resolution process could include a discussion with the member's immediate supervisor. If the supervisor appears to be involved, the issue could be presented to the next level of management.
IMA offers an anonymous helpline that the member may call to request how key elements of theIMA Statement of Ethical Professional Practicecould be applied to the ethical issue.
The member should consider consulting his or her own attorney to learn of any legal obligations, rights, and risks concerning the issue. If resolution efforts are not successful, the member may wish to consider disassociating from the organization.