Warr22e_IM_TM_Ch01 - Transparency Master 1-1 Institute of...

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Transparency Master 1-1 Institute of Management Accountants Standards of Ethical Conduct 1. Maintain an appropriate level of professional competence. 2. Refrain from disclosing confidential information. 3. Avoid conflicts of interest. 4. Communicate information fairly and objectively.
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Transparency Master 1-2 American Institute of Certified Public Accountants Codes of Professional Conduct 1. Exercise sensitive professional and moral judgment. 2. Act in a way that will serve the public interest, honor the public trust, and demonstrate commitment to professionalism. 3. Perform all professional responsibilities with the highest sense of integrity. 4. Maintain objectivity and be free of conflicts of interest. 5. Observe the profession's technical and ethical standards and continually improve competency and quality of services. 6. Use ethical standards when determining the scope and nature of services to be provided.
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Transparency Master 1-3 ETHICS CASE Lauren Smith is the controller for Sports Central, a chain of sporting goods stores. She has been asked to recommend a site for a new store. Lauren has an uncle who owns a shopping plaza in the area of town where the new store is to be located, so she decides to contact her uncle about leasing space in his plaza. Lauren also contacted several other shopping plazas and malls, but her uncle's store turned out to be the most economical place to lease. Therefore, Lauren recommended locating the new store in her uncle's shopping plaza. In making her recommendation to management, she did not disclose that her uncle owns the shopping plaza.
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Transparency Master 1-4 ETHICS CASE John Jones is the chief accountant for the Southwest district office of Security Life Insurance Company. While preparing the fourth- quarter sales report, John overheard the company president say that he would close Security's Phoenix office if it did not meet its fourth-quarter sales quota. John's best friend from college works at the Phoenix office. Anxious to find out whether the office was in jeopardy, John immediately finished the Phoenix office's report, only to find that it showed sales 25% below the quota. Later that afternoon, the company president called John for Phoenix's sales results. John told the president that he had not finished preparing the sales report for the Phoenix office. John wanted time to compile data that might convince the president to continue operations in Phoenix, despite lagging sales.
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Transparency Master 1-5 ETHICS CASE Tech-Smart Computer Company recently discovered a defect in the hard disks installed in its model R24 computer. The hard disk head in these units retracts too violently whenever the computers are turned off. As a result, the hard disks are destroyed after the
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This note was uploaded on 04/20/2010 for the course BUSINESS Accounting taught by Professor Ebiohuche during the Spring '10 term at DeVry Manhattan.

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Warr22e_IM_TM_Ch01 - Transparency Master 1-1 Institute of...

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