PCAOB, SEC, and IMA Ethics Standards
Exams with Correct Answers
True/False: The focus of IMA is on professionals in a private business environment versus a
public accounting firm. ✔️✔️True
The Supplemental Standards of Ethical Conduct for members and employees of the SEC have
prohibited or restricted which activities? ✔️✔️1. Prohibited and restricted financial interests
and transactions
2. Outside employment and activities
3. Fiduciary relationships (e.g., trustee, executor, or corporate director)
According to IMA's SEPP, to resolve an ethical issue confronting you the best first step of action
would be: ✔️✔️Recognize and define the ethical issue
The Office of the Ethics Counsel is responsible for advising and counseling all SEC employees
on issues, including: ✔️✔️1. Personal and financial conflicts of interest
2. Financial disclosure
3. Gifts
, 4. Securities holdings and transactions of Commission employees and their immediate families
5. Seeking and negotiating other employment
6. Outside activities
What website will you use if you seek information from the SEC's Office of the Ethics Counsel?
✔️✔️sec.gov/page/ethicssectionlanding
True/False: If an SEC employee terminates employment for a position with another non-
governmental entity, they must comply with SEC regulations regarding post-employment
conflicts of interest. ✔️✔️True
What IMA monthly publication incudes an Ethics column? ✔️✔️Strategic Finance
True/False: To the extent that a provision of the SEC's rule is more restrictive (or less restrictive)
than the PCAOB's Interim Independence Standards, a registered public accounting firm must
comply with the more restrictive rule. ✔️✔️True
What are the IMA Standards that members are expected to follow? ✔️✔️1. Competence
2. Confidentiality
Exams with Correct Answers
True/False: The focus of IMA is on professionals in a private business environment versus a
public accounting firm. ✔️✔️True
The Supplemental Standards of Ethical Conduct for members and employees of the SEC have
prohibited or restricted which activities? ✔️✔️1. Prohibited and restricted financial interests
and transactions
2. Outside employment and activities
3. Fiduciary relationships (e.g., trustee, executor, or corporate director)
According to IMA's SEPP, to resolve an ethical issue confronting you the best first step of action
would be: ✔️✔️Recognize and define the ethical issue
The Office of the Ethics Counsel is responsible for advising and counseling all SEC employees
on issues, including: ✔️✔️1. Personal and financial conflicts of interest
2. Financial disclosure
3. Gifts
, 4. Securities holdings and transactions of Commission employees and their immediate families
5. Seeking and negotiating other employment
6. Outside activities
What website will you use if you seek information from the SEC's Office of the Ethics Counsel?
✔️✔️sec.gov/page/ethicssectionlanding
True/False: If an SEC employee terminates employment for a position with another non-
governmental entity, they must comply with SEC regulations regarding post-employment
conflicts of interest. ✔️✔️True
What IMA monthly publication incudes an Ethics column? ✔️✔️Strategic Finance
True/False: To the extent that a provision of the SEC's rule is more restrictive (or less restrictive)
than the PCAOB's Interim Independence Standards, a registered public accounting firm must
comply with the more restrictive rule. ✔️✔️True
What are the IMA Standards that members are expected to follow? ✔️✔️1. Competence
2. Confidentiality
