Professional AccountingAssignmentDelivery length 250 wordsAs the management accountant at AJack...

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Professional AccountingAssignmentDelivery length 250 wordsAs the management accountant at AJack Partnership, you are involved in the planning and control of financial statements and cost accounting. AJack has been experiencing excellent sales and profit numbers. You have decided to invest and purchase stock in the company. The direct investment would not be material to the company, but it would be material to you. In your free time, you like to go to the local Gambling and Jack Box Boat.Do you think that you should face the same integrity issues that an outside auditor faces with respect to conflicts of interest? Why, or why not?As an employee of the firm, do you believe that you should refrain from engaging in questionable activities, such as gambling? Why, or why not?Do you believe that internal management accountants possess the degree of skill commonly possessed by outside accountants and auditors? Explain your reasoning.Please provide references
	
Document Preview: Professional AccountingAssignmentDelivery length 250 wordsAs the management accountant at AJack Partnership, you are involved in the planning and control of financial statements and cost accounting. AJack has been experiencing excellent sales and profit numbers. You have decided to invest and purchase stock in the company. The direct investment would not be material to the company, but it would be material to you. In your free time, you like to go to the local Gambling and Jack Box Boat.Do you think that you should face the same integrity issues that an outside auditor faces with respect to conflicts of interest? Why, or why not?As an employee of the firm, do you believe that you should refrain from engaging in questionable activities, such as gambling? Why, or why not?Do you believe that internal management accountants possess the degree of skill commonly possessed by outside accountants and auditors? Explain your reasoning.Please provide references

Robert · Accepted Answer

Answer            
          Do you think that you should face the same integrity issues that an outside 
auditor faces with respect to conflicts of interest? Why, or why not? 
Yes, management accountant should face same integrity issues that an outside auditor 
faces with respect of conflict of interest. According to requirements of code of ethics of 
CIMA for management accounts, three basic requirements are laid down namely:-
Competence, confidentiality, Integrity and Credibility, Management accountant have the 
same responsibilities as of external auditors with regard to conflict of interest because 
the code of ethics states that an accountant should avoid conflict of interest by:- 
1 Not to engage in communicating biased information 
2. Not to engage in any activity that is against the objectives of an organization 
3. Not to engage in any activity that could bring disrespect to the profession 
4.

Professional Accounting Assignment Delivery length 250 words As the management accountant at AJack Partnership, you are involved in the planning and control of financial statements and cost...

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