Question: For each of the situations? listed, identify the primary standard from the IMA Statement of Ethical Professional Practice that is violated? (competence, confidentiality,? integrity, or? credibility.) ?(Each answer can be used more than one? time.)
1. To reduce the? company's tax? bill, Jack uses total cost to value inventory instead of using product cost as required by law.
2. Since Emilie works in the accounting? department, she is aware that profits are going to fall short of? analysts' projections. She tells her aunt to sell stock in the company before the earnings release date.
3. Veronica pays a Mexican official a bribe of? $50,000 to allow the company to locate a factory in that jurisdiction so that the company can take advantage of the cheaper labor costs. Without the? bribe, the factory cannot be located in that location.
4. There is a failure in the? company's backup system after a system crash.? Month-end reports will be delayed.? Kayla, the manager of the division experiencing the system? failure, does not report this upcoming delay to anyone since she does not want to be the bearer of bad news.
5. Taylor overhears a subordinate at a mutual? friend's party tell others about a confidential deal with a supplier to get raw materials for a price lower than market price. Taylor does not do anything about the? subordinate's indiscrete conversation.