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Flashcards in 1.1 Ethics Deck (25)
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1
Q

What are the 4 overarching principles of the IMA’s statement on ethics

A

HFOR

  1. Honesty
  2. Fairness
  3. Objectivity
  4. Responsibility
2
Q

What are the 4 specific standards in the IMA’s statement on ethics

A

CCIC

  1. Competence
  2. Confidentiality
  3. Integrity
  4. Credibility
3
Q

According to the IMA how should members treat actual conflicts of interest

A

They should be mitigated

4
Q

According to the IMA how should members treat apparent conflicts of interest

A

They should be avoided

5
Q

Competence requires member to 1:

A

Maintain an appropriate level of professional expertise

6
Q

Competence requires member to 2:

A

Perform professional duties in accordance with relevant laws, regulations, and technical standards

7
Q

Competence requires member to 3:

A

Provide decision support information and recommendations that are accurate, clear, concise, and timely

8
Q

Competence requires member to 4:

A

Recognize and communicate professional limitations or other constraints that would preclude responsible judgement or successful performance of an activity

9
Q

Confidentiality requires member to 1:

A

Keep information confidential except when legally required

10
Q

Confidentiality requires member to 2:

A

Inform all relevant parties regarding appropriate use of confidential info, and monitor subordinate use

11
Q

Confidentiality requires member to 3:

A

Refrain from using confidential info for an illegal or unethical adantage

12
Q

Integrity requires member to 1:

A

Mitigate actual conflicts of interest and avoid apparent conflicts. Also inform all parties of potential conflicts

13
Q

Integrity requires member to 2:

A

Avoid activity that will prevent you from carrying out duties ethically

14
Q

Integrity requires member to 3:

A

Avoid engaging in or supporting any activity that might discredit the profession

15
Q

Credibility requires member to 1:

A

Communicate information fairly and objectively

16
Q

Credibility requires member to 2:

A

Reveal all relevant info that could reasonably be expected to influence the user’s understanding of the document in question

17
Q

Credibility requires member to 3:

A

Reveal any flaws in information, timeliness, processing, or internal controls in accordance with company policy and applicable laws

18
Q

How should you handle communication of ethical problems to employees or individuals not engaged or employed by your company (resolution of ethical conflict)

A

This should be avoided unless you believe there is a clear violation of the law

19
Q

What is the first step or resolving an ethical conflict

A

Discuss the issue with your immediate superior except when it appears they are involved, In this case take it to the next level of management

20
Q

What is the second step or resolving an ethical conflict

A

Clarify ethical issues in a confidential discussion with an IMA ethics counselor or an impartial advisor

21
Q

What is the third step or resolving an ethical conflict

A

Consult your own attorney as to legal obligations and reights

22
Q

When attempting to resolve an ethical conflict, if your immediate supervisor cannot satisfactorily resolve the conflict what should you do next

A

Submit the issue to the next level of management

23
Q

Assuming your supervisor is not involved, how should you proceed in contacting the next level of management

A

Only with your supervisors knowledge

24
Q

If your immediate supervisor is the CEO or equivalent who is the appropriate reviewing authority

A

The executive committee, board of directors/audit committee, or owners

25
Q

When attempting to resolve an ethical conflict, if the level of management above your immediate supervisor cannot resolve the issue what should you do next

A

Exhaust the internal review process. If this does not resolve the process resign an submit a memo to the appropriate company rep