US CMA Part 2 · Chapter 9 · Question 7 of 23
According to the IMA Statement of Ethical Professional Practice, what should a member do FIRST when faced with an ethical issue?
Test yourself: pick an answer
Reveal answer & explanation
Correct answer: B) Follow the organization's established policies on the resolution of such conflicts
Explanation
The IMA statement says a member facing an ethical issue should first follow the organization's established policies, including use of an anonymous reporting system if available. If there are no such policies (or they do not resolve the issue), the member could discuss it with the immediate supervisor (or the next level of management if the supervisor appears to be involved), call IMA's anonymous helpline for guidance, and consult a personal attorney. Disassociating from the organization is considered only if resolution efforts fail.
More Professional ethics MCQs
- Q9According to the IMA Statement of Ethical Professional Practice, what should a member consider when deciding which steps to follow in…
- Q10A management accountant wants to clarify whether a situation she faces is an ethical violation before taking action. Under IMA guidance…
- Q11The chief financial officer of a company reports directly to the chief executive officer. The CFO discovers that the CEO has been…
- Q12What are the three elements of the fraud triangle?
- Q13Which element of the fraud triangle can management most directly reduce by designing and enforcing strong internal controls?
