The accountant reviews the report from the internal audit function that ensures the company's internal controls and risk management policies are functioning properly. According to the report, there were discrepancies in the internal controls that were not in conformance with the organizational policy and applicable law. The accountant suspects that the CEO is embezzling approximately $30,000 per quarter. What should the accountant do about this discrepancy? If the accountant fails to act on this issue, what standard according to the IMA Statement of Ethical Professional Practice does the accountant violate?

Answer rating: 100% (QA)

If the accountant suspects that the CEO is embezzling funds they have a professional and ethical res... View the full answer