In the discussion of loyalty in this chapter, a statement is made that “your ethical obligation is to report what you have observed to your supervisor and let her take the appropriate action.” We point out that you may want to take your concerns to others. The IMA Statement of Ethical Professional Practice includes a confidentiality standard that requires members to “keep the information confidential except when disclosure is authorized or legally required.” How do you believe this confidentiality standard might affect the next step taken by a CFO who failed to gain the support of the board directors to force a change in improper financial reporting?