Propose internal controls that should have been in place to prevent an ethical violation.
Overview
The current economic conditions have tested the role of managerial accountants, challenging them to remain independent in mind and spirit when contributing to the decision-making processes of a business. Maintaining ethical standards and adhering to rules set by governing bodies at the local, state, and federal levels are needed to ensure both client and public trust.
Instructions
To complete this assignment, prepare a 4–5-page paper in which you address the following:
· Identify the accounting governing bodies in your state and describe their role as it applies to setting ethical behavior and the fiduciary duties of a managerial accountant.
· Research the accounting industry and select a case from within the last three years in which ethical accounting standards were compromised. Describe the ethical violation(s) outlined in the case.
· Propose internal controls that should have been in place to prevent an ethical violation.
· After assessing the case you selected, describe how your thinking on the importance of ethics in managerial accounting has evolved during the course of this term.