ACC2020 Principles of Accounting II Spring 2017 The Ethical Dilemma at Pongy Plastic Limited (40 points: your memorandum must be submitted on or...

Please see the attached for the scenario.

1. Using either the Statement of Ethical Professional Practice issued by the Institute of Management Accountants’ (IMA) or The Code of Ethics for Professional Accountants published by CIMA as your guide, determine whether there is an ethical issue for you in this scenario. Within your answer apply the Code’s fundamental principals/standards (i.e. integrity, objectivity, competence and confidentiality) to the case data and explain whether each is a relevant factor when determining Eddie’s ethical position.

References:

IMA (2014) Statement of Ethical Professional Practice, Montvale: IMA, Available from:

http://www.imanet.org/-/media/021b81bc074f49cc81480473f8a88fce.ashx

[accessed January 10, 2017]

Also see p. 959-960 of the Nobles et al textbook.

CIMA (2013) Code of Ethics for Professional Accountants, London: CIMA, Available from:

http://www.cimaglobal.com/Documents/Professional%20ethics%20docs/2015%20code%20of%20ethics/CIMA_Code_of_Ethics2.pdf [accessed January 10, 2017]

The Code’s fundamental principles are outlined on page 4. CIMA also provides an ethical checklist when applying its Code:

http://www.cimaglobal.com/Global/Images/standards-and-ethics/ethics_checklist_web_June2015_update.pdf

2. Assuming that you are Eddie, discuss what you would do to resolve this situation.

Submission requirements:

On your submission, write out the question and then put your answer immediately below the question.  This is a business class and I want succinct answers.  I am not looking for paper length, but the fewest words to correctly answer the questions.  In the business world, you do not write a five page memo if one paragraph is sufficient.