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Explain one thing your group would like to remember about these two chapters. (If you don’t like this question, make up your own question and answer it.)
Do you believe the textbook’s model could be helpful to make ethical decisions? (Note you can disagree with the text.) In what circumstances? When would this model fail?.
What means can you use to maintain an appropriate ethical orientation? (List many).
Expert Answer
One thing that the group would like to remember is that it is very important for professionals to adhere to professional standards and code of ethics as outlined by Institute of Management Accountants. Professionals will have to exhibit competence, confidentiality, integrity and credibility at work. This will ensure that all conflicts of interest is mitigated and the individual is able to perform his/her work in an effective and efficient manner.
Yes, I believe that the textbook’s model could be helpful to make ethical decisions in different circumstances like presence of professional limitations, conflicts of interest, and when there is a need to communicate information in an objective manner. This model is most likely to fain when information is made available in such a way that it influences the intended user’s understanding of the financial reports.
To maintain an appropriate ethical orientation I would use means like a written code of conduct, training programs with regards to ethics and compliance.
