The current economic conditions have tested the role of managerial accountants, challenging them to remain independent in mind and spirit when contributing to the decision-making processes of a business. Maintaining ethical standardsand adherence to rules set by governing bodies at the local, state, and federal levels are needed to ensure both client and public trust.

Address the following:

• Identify the accounting governing bodies in your state and describe their role as it applies to setting ethical behavior and the fiduciary duties of a managerial accountant.
• Research the accounting industry and select a case from within the last three years in which ethical accounting standards were compromised. Describe the ethical violation(s) outlined in the case.
• Propose internal controls that should have been in place to prevent an ethical violation.
• After assessing the case you selected, describe how your thinking on the importance of ethics in managerial accounting has evolved over the course of this term.