ACCT 101 Professional Ethics ACCT 101 Professional Ethics

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Professional Ethics

Rita Lane is the accountant for Outdoor Living, a manufacturer of outdoor furniture that is sold
through specialty stores and Internet companies. Lane is responsible for reviewing the standard
costs and making recommendations for adjustments to the controller. While reviewing the
standards for the coming year, two ethical issues arise.

Ethical Issue 1
Lane has been approached by Casey Henderson, a former colleague who worked with Lane
when they were both employed by a public accounting firm. Henderson has recently started his
own firm, Henderson Benchmarking Associates, which collects and sells data on industry
benchmarks. He offers to provide Lane with benchmarks for the outdoor furniture industry free of
charge if she will provide him with the past three years of Outdoor Living’s standard and actual
costs. Henderson explains that this is how he obtains most of his firm’s benchmarking data. Lane
always has a difficult time with the standard-setting process and believes that the benchmark
data would be very useful.

Requirements
1. Use the IMA’s ethical guidelines (www.imanet.org/PDFs/Statement%20of%20Ethics_web.pdf)
to identify the ethical dilemma.