Week 1 Discussion 1 For this discussion: Read the American Institute of Certified Public Accountants (AICPA) Code of

Question

Week 1 Discussion 1 For this discussion: Read the American Institute of Certified Public Accountants (AICPA) Code of Professional Conduct. Read and assess the current Institute of Management Accountants (IMA) Statement of Ethical Professional Practice, which promotes ethical behavior and provides guidance for the dilemmas managerial accountants are confronted with today. For the first part of this week’s discussion: Compare the IMA Statement of Ethical Professional Practice to the AICPA Code of Professional Conduct and assess the effectiveness of the two codes. For the second part: Assess the aspects of a managerial accountant's job that are most likely to be challenged ethically and suggest the approach(es) you will take to handle these situations.

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When reading these articles, there are lots of parallels when reading everything. All Accountants should be following the same practices and rules are far as competence, ethics, credibility and integrity. There should be a common code that is followed for the same practices and settings and based upon the reading, it looks like both articles effectively lay out expectations to be followed and guidelines that are set.

I would say that factors that would be challenged the most today would be integrity and ethics especially as the world is in a rather shambled state. I think not just anytime, but most times, that those things would be the things that are challenged the most because a lot of folks think that they can also make arguments based on those items.