Ethics Project ACC 321 SPRING 2016 (20 points) 1. Submit a typed report answering the three parts required for problem #34 chapter 1.(8points). NOTE: Answer all three parts.
34. 1. There are several reasons why the snack-foods division president may want to take these end-of-year actions. One reason may be Rex Ray, snack-foods division president, may want a higher bonus. Another reason may be that he wants to get promoted to CEO or something along those lines. 2. a. acceptable b. unacceptable c. unacceptable d. acceptable e. acceptable f. unacceptable g. acceptable 3. Linda Butler has several options she could suggest if Rex Ray wants to take these end-of-year actions. She could go higher up or say she won’t do any of the actions. She could also say she will only do the actions in which she thinks are acceptable. Her last option if she really feels she has to is to quit.
2. Include with that report a list of the four areas (as indicated in the text) that the Sarbanes-Oxley report focused on in response to a series of corporate scandals. (8 points)
There are four areas that the Sarbanes-Oxley focuses on in response to a series of corporate scandals. It focuses on improving internal control, corporate governance, monitoring of managers, and disclosure practices of public corporations. The focuses impose tough ethical standards and criminal penalties on managers and accountants who don’t meet standards.
3. The Institute of Management Accountants has issued a set of ethical guidelines. In this report also list the IMA’s four standards of ethical professional practice. (4 points)
The Institute of Management Accountants (IMA) has four standards of ethical professional practice. They are honesty, fairness, objectivity and responsibility. Each plays an important role setting standards within organizations.