When confronted with a potential ethical conflict, a managerial accountant should not contact his or her personal attorney concerning rights and obligations.

Question

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A managerial accountant should consult with their organization's legal counsel or other appropriate parties within the organization to ensure that they are following company policies and procedures regarding ethical conflicts. Contacting a personal attorney may create conflicts of interest and may not be in the best interest of the organization.

When Confronted with a Potential Ethical Conflict, a Managerial Accountant