Review the codes of ethics and professional standards in the module resources and then address the...

Review the codes of ethics and professional standards in the module resources and then address the following questions:

What is the manager’s responsibility regarding ethical financial reporting?
What challenges might a manager face in ensuring ethical accounting and financial analysis practices?

Solutions

Expert Solution

answer :

MANAGER'S RESPONSIBILITY REGARDING ETHICAL FINANCIAL REPORTING :

Monitor the preparation of financial statements
Ensure the accuracy of the financial statements
help in making important management decisions
Timeliness of financial statements

Monitor the preparation of financial statements :

it is the responsibilty of the managers to have an overview of companies financial statements , wherein its transparency is monitored.

Trust is key factor when it comes to financial reporting of a company and trust comes in with transparancy in financial reporting system of a company which is in turn a responsibility of the finance manager of the company.

Ensure the accuracy of the financial statements :

it is the role of managers to review the reports , verify and vouch its accuracy and look into the minute details of the financial report.
the financial reports are a face of a company hence managers should ensure that financial reports present a fair picture of companies activities.

help in making important management decision :*

managers have a role in advicing the management andmaking several decisions that has an impact in the budgets n finances of the company
. on the basis of the financial reports various analytical procedures are to be carried out by the managers such as financial forcasts, trend analysis , budgetting etc

Timeliness of financial statements :

it is the role of managers to ensure that the financial reports are generated in a timely manner. Meeting the deadlines are of prime importance.

CHALLENGES FACED BY MANAGERS IN ENSURING ETHICAL ACCOUNTING AND FINANCIAL ANALYSIS PRACTICES:

managers usually have a subordinate team of various individuals working with the numerical data. therefore in case of an error or a missing important data it imposes huge pressure on the managers to verify and correct the errors in a timebound senario.

. there is a massive challenge when the inputs to the financial reports come from various quaters of the company and it has to be presented in a unified manner.

. the ever changing business environment is another challenge to the managers that comes in way of ethical financial reporting. managers as well as the team should be well versed with current business environment and the updated standards , rules and regulations.

staff and line conflict is another issue that managers face in case of the ethical financial reporting . that is managing and cordinating the efforts of the team of subordinates . situation where the subordinates fails to meet the deadlines or their conflict against the interest of the company.

keosha answered 1 year ago

Next > < Previous

Related Solutions

Codes of ethics and standards for professional nursing practice have been developed by some professional nursing...

Codes of ethics and standards for professional nursing practice have been developed by some professional nursing organizations. These codes and standards guide us in our practice and our interactions with consumers, other nurses, and other health care professions. Select at least one of the ethical standards or one of the standards of practice and tell us how you implement this in your current practice or how you will implement it in your future practice. Which standard is most challenging to...

Question 5 a) . Discuss the importance of codes of ethics in professional associations and suggest...

Question 5 a) . Discuss the importance of codes of ethics in professional associations and suggest five (5) issues of concern in coming out with such codes of ethics. Using these five issues, come out with your own codes of ethics for your club or association. b) Discuss how computer ethics, privacy and security issues should be adhered to in online systems. c) Computer Ethics Awareness and Educational Issues are very crucial in modern society. Discuss your view on this...

Engineering Standards and Codes of Practice a) With reference to the Engineers Australia Guidelines on Professional...

Engineering Standards and Codes of Practice a) With reference to the Engineers Australia Guidelines on Professional Conduct (part of their Code of Ethics), please write, in your own words, a concise summary of the requirements for competent practice See Australia Guidelines on Professional Conduct below: Engineers Australia Our Code of Ethics The Guidelines on Professional Conduct The Guidelines on Professional Conduct provide a framework for members of Engineers Australia to use when exercising their judgment in the practice of engineering....

Engineering Ethics Course Codes of Ethics Assignment Review the Intel Pentium Chip case (Case below) and...

Engineering Ethics Course Codes of Ethics Assignment Review the Intel Pentium Chip case (Case below) and answer following questions: 1. Which statements in IEEE’s code of ethics do you believe Intel violated in this case? For each statement you select, justify your selection with an explanation. 2. Given that Intel perceived that the chip flaw was insignificant, and that flaws are likely to occur in early versions of a chip, what approach do you think Intel should have followed as...

Engineering Ethics Course Codes of Ethics Assignment Review the DIA Runaway Concrete case (Case below) and...

Engineering Ethics Course Codes of Ethics Assignment Review the DIA Runaway Concrete case (Case below) and the ASCE code of ethics. Which of the ASCE’s fundamental canons do you believe were violated in this case? For each canon you select, justify your selection with an explanation. Runway Concrete at the Denver International Airport In the early 1990s, the city of Denver, Colorado, embarked on one of the largest public works projects in history: the construction of a new airport to...

Review the module resources and overview, then select a popular culture example. (It can be a...

Review the module resources and overview, then select a popular culture example. (It can be a television show, a commercial, a game, a movie, etc.). Analyze the representation and social message that is associated with the example. If you would like, you can select a particular episode of a show. 3 - QUESTIONS below: What is the composition of the primary characters, and what groups within diversity do they represent? What is the latent (or unintended) social message or commentary...

First, review the module resources in order to enhance and deepen your knowledge of the five...

First, review the module resources in order to enhance and deepen your knowledge of the five key investment concepts that every investor should be aware of: Evaluating investment performance Diversifying portfolios Asset allocation Investment risk Rebalancing of a portfolio Based on your reading and research, address the following in your initial post to the discussion: When analyzing key macroeconomics to assess GDP growth/decline, how would you measure the performance relative to sequential and year-to-year data? How will your analysis assist...

Independence is a requirement of the Professional Standards of Ethics for the Auditor. Define auditor INDEPENDENCE...

Independence is a requirement of the Professional Standards of Ethics for the Auditor. Define auditor INDEPENDENCE within the auditing process and discuss how Auditor Independence impacted Arthur Anderson's liability due to the business failure of ENRON due to fraud

Why are honesty, confidentiality, informed consent and codes of ethics essential components of a professional role?...

Why are honesty, confidentiality, informed consent and codes of ethics essential components of a professional role? What effect does it have on a profession when a member does not follow its high standards? What effect could it have on society?

Question 1: HR Professional Ethics Part A: Read the SHRM Code of Ethics. Review the guidelines...

Question 1: HR Professional Ethics Part A: Read the SHRM Code of Ethics. Review the guidelines under the category of Professional Development. Propose and discuss a learning opportunity that you will pursue to achieve one or more goals related to these guidelines. Part B: Discuss three examples of ethical challenges that HR professionals may encounter as they apply to modern organizations. Discuss how you would address each situation (not necessarily the solution, but how you would approach the problem).

Subjects