Prepared by: _____
Date: ___________
Reviewed by: ____
Date: _________
ETHICAL STANDARDS
INTERNAL CONTROL QUESTIONNAIRE
Introduction
(As per the Institute of Management Accountants Inc. website: www.imanet.org)
“Ethics deals with the human conduct in relation to what is good and bad, right and
wrong. It is the application of values to decision making. These values include honesty,
fairness, responsibility, respect and compassion.”
(Excerpt from the Institute for Global Ethics – Ethics Newsline – October 7, 2002,
Volume 5, Number 40)
“Ethical lapses have institution-changing force”.
“When values get twisted and careers go off the rails, the impact can be enormous.
Most Arthur Andersen employees were honest, thoughtful people trying to avoid even
the appearance of scandal. Yet when a few employees drove this Big Five accounting
firm into the ethics wall, the wreckage was so vast that we now have the Big Four.”
Ethics and ethical standards have thus become the focus of greater attention by
organizations, especially in the realm of reputation management. Greater emphasis is
now placed on accountability, ethics, codes of conduct and monitoring and reporting of
violations.
Question
Yes No N/A
Comments
Policy Statements
• How is ethics defined?
• Is there a policy statement with
respect to ethical standards?
• Who is responsible for its review?
• Is the statement subject to annual
review?
• Who is responsible for ownership
of the statement?
• Who is responsible for its
administration?
• Does the organization produce an
annual report/internal control
statement on ethical standards?
• Who is responsible for its
production?
Roles and Responsibilities
• Does the organization have an
Ethical Standards Officer (ESO)?
• Who does this individual report to?
• Does the ESO have to submit
annual reports on
possible/potential/actual violations
Ethical Standards ICQ
Prepared by: _____
Date: ___________
Reviewed by: ____
Date: _________
Question
Y