24 Jul Identify and describe which IMA ethical standard is violated the most in each employee’s situation.

ETHICS ASSIGNMENT

Instructions:

• Read the business scenario below and prepare a 3-5 page paper discussing the ethical issues in detail. Identify and describe which IMA ethical standard is violated the most in each employee’s situation.

• Your paper must be typed, double spaced

• When analyzing the issues you must reference the IMA Statement of Ethical Professional Practice and the standards that apply in each case. ( https://www.imanet.org/?ssopc=1 )You may use additional sources (please cite them in MLA FORMAT). Identify the relevant factors in each situation, the ethical standard that applies, and suggests what you recommend as a resolution of the ethical conflict.

• Make sure you have an introduction to this paper that describes an overview of the purpose of this assignment, including a well-organized discussion of each dilemma, and a conclusion to the overall assignment. A good paper consists of reiterating and explaining the given information, as you provide recommendations and suggestions, and again, remember to provide quotations or citations when information is used from a specific source.

Scenario:

Sweetwell, Inc. is the largest manufacturer of heating and cooling equipment in the Midwest. The accounting department at Sweetwell includes four outstanding alumni of a Minnesota State College and University.

Anna works in internal audit, Sam works in financial reporting, Elvis works in the tax department and Rafael is the Assistant Controller.

All of the alumni have taken and passed the CMA exam. However, recently they have each experienced some difficulties at work.

Rafael was promoted to Assistant Controller two months ago and is happy with his raise in pay but feels overwhelmed with the work. He is not sure if he really has the skills required. His boss recently asked him to work on a special project that is way over his head. He doesn’t know whether to admit it (which will make him look bad) or just bluff his way through it.

Elvis in the tax department is really stressed by all of his deadlines. He has recently been using a combination of illegal drugs to deal with his stress. He knows his substance abuse is impacting his job performance but doesn’t know whether to tell someone or keep hiding it as best he can.

Anna has recently noticed some lapses in internal control through her audit process. It seems the payroll department is skipping some steps that are outlined in the company procedure manual. Unfortunately, her supervisor does not want her to document these gaps because it would cause friction with the payroll department. Her supervisor’s husband actually works in the payroll department.

Sam works in financial reporting and knows the company earnings each quarter before they are released to the press. He is feeling pressured to divulge insider information to his rich uncle who wants to invest at just the right times to make a bundle of money!

Since these four accountants hold the CMA credential how should they deal with these difficult issues? Does the IMA Statement of Ethical Professional Practice apply? How can they resolve these issues? List specific steps each one of them should take