The ethical guidelines provided by the CIMA provides different conflict resolutions. Examples of the different conflict resolutions that the CIMA offers are; considering facts for proper identification and then applying the proper course of actions once determined. The facts need to be relevant fact and there needs to be different ethical issues involved. There are also different essential principles that should be related to the matters that are being questioned. The CIMA also suggests that there needs to be internal procedures established and also an alternative course of action should be established incase anything were to happen. The CIMA provides a meeting or session with the right person within their organization or even a board of…show more content… It also provides opportunities for getting disassociated with such engagements or engagement teams so that conflict can be resolved in a more efficient and faster matter.
Define facilitating payments and bribes. Discuss the difference between them. Which are all allowed and which are prohibited? Explain
A payment made by a citizen to a government official for expedite the process of government facilities for who is entitled called facilitation payment in U.S. but in some other countries these payments called bribe. These payments are extra burden on companies or individuals. Both payments are not good as per ethics. This fee only applies when the payment if made to speed up the government’s action. There are several different classifications that can be considered a facilitation payment and these vary in many ways. Section 162 C of FCPA act defined the bribe and facilitation payments. If a company made a payment to a foreign government official or employees which is unlawful under sec 162 c of FCPA Act called bribe. Bribes can be paid by money or other things in place of money for influencing government decision. The payment of bribe is considered unlawful under FCPA act, so it is not allowed as deduction under income tax as expenses. A payment made to Government official to expedite the process of government facilities for whose otherwise company or