ACC 211 Midterm: Week 3

• School: University of Miami
• Department: Accounting Business Administration
• Course: ACC 211

Document Summary

1- it is no longer acceptable for members to remain silent when observing an unethical or illegal act being committed. The newly revised competence standard also adds a requirement for members to recognize and help manage risk, which includes reputation risk. The ima (institute of management accountants) has mentioned the importance of ethical professional practice in its mission statement. As now it is not ok for members of an organization to see an unethical action and ignore it. Members are subject to risk and punishment when they do not report such actions. 2- firms with lower levels of job satisfaction (as measured by employees) and lower levels of. Culture and values" are more likely to be subjected to sec fraud enforcement actions and securities class action lawsuits.