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Need of accounting standards
Need of accounting standards
Corporate accountability introduction
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Molly McDale is the controller for Robert’s Manufacturing. It is a small company that manufactures plastic lumber. The head of the company, owner and CEO, Frank Roberts reviews the projected operating income for the year. If the operating income is bellow $200,000 then the company will not give out holiday bonuses to their employees, which includes Molly. Molly feels she has worked hard and earned a bonus. She helped implement several cost saving programs and worked long days without receiving overtime pay. Also noted is the fact that several factory employees are struggling and the holiday bonuses would serve them well. She has decided to change the calculation of manufacturing overhead based on direct labor hours to machine hours used. …show more content…
Creditability for the IMA standards has three parts to it, 1) Communicate information fairly and objectively. 2) Disclose all relevant information that could reasonably be expected to influence an intended user 's understanding of the reports, analyses, or recommendations. 3) Disclose delays or deficiencies in information, timeliness, processing, or internal controls in conformance with organization policy and/or applicable law. Molly broke the ethical code of credibility when she changed the calculation of manufacturing overhead to based on machine hours. She was not objective with her data; she didn’t disclose the relevant information that was asked of her. She changed the calculation because the original would influence Mr. Robert’s. McDale’s responsibilities as a management accountant when considering the IMA standards of ethical principal are very simple. Her job is to completely comply and abide to the rules based on competence, confidentiality, integrity, and credibility. If she steers away from these rules she will be violating the ethical code. And as an accountant you must be completely accurate, honest, capable, and confidential with the data you provided. Unfortunately, she did not follow these codes and broke the IMA standard of ethical
Andrea may decide not to inform the limited partners about the misrepresentation of Skyline Views’s financial statements; to avoid conflict, this decision permits Ed to deceive the company and limited partners. In addition, by deciding not to inform the limited partners of Ed’s deceit, Andrea would be disregarding the American Institute of Certified Public Accountants Code of Professional Conduct in her being unreliable, dishonest and deceitful. Andrea has the responsibility of protecting her client, which involves encouraging the correction of financial statements in order to prevent suspicion during audits that could lead to fines and imprisonment. Andrea’s second option is to inform the limited partners about how misrepresentations of Skyline Views’s financial statements are permitting Ed to claim a higher management fee; this decision will fulfill her due diligence obligation to the limited partners while maintaining her integrity as a certified public accountant in supporting the American Institute of Certified Public Accountants Code of Professional Conduct.
The messaging in both the Canadian Health Information Management Association (CHIMA) and Canada’s Health Informatics Association (COACH) Code of Ethics are very similar. They both discuss prioritizing privacy and security, set an expectation of maintaining a professional and collegial work ethic, encourage the continuing of education and building of one's knowledge base and both refer to a focus on the awareness of future developments/advancements within the industry. My initial preference was the CHIMA Code of Ethics as I preferred the phrasing and third person approach, however, upon further review I noticed that CHIMA’s used the word ‘strive’ instead of COACH’s approach of ‘I will’. This to me seems to have less impact then the COACH counterpart.
It is important as a professional health care provider to have guidelines, regulations, and ethical standards to obey when providing care to the public. The ACA is to improve the quality of professional counselors in the community with education, knowledge, and guidelines by providing an ACA Code of Ethics standard when delivering treatment toward a clientele (American Counseling Association, 2015). One particular part of the ACA mission that is essential, is the ACA Code of Ethics. The purpose of the ACA Code of Ethics is a guide to ensure counselors in training and professional counselors understand the ethical obligations toward clients, possible grievances for conduct unbecoming, and professional responsibilities, which supports the ACA
The first provision of the American Nurses Association’s (ANA) “Code of Ethics” states, “ The nurse, in all professional relationships, practices with compassion and respect for the inherent dignity, worth and uniqueness of every individual, unrestricted by considerations of social or economic status, personal attributes, or the nature of health problems.” The second provision states, “The nurse’s primary commitment is the patient, whether the patient is an individual, family, group, or community” (Fowler, 2010). As nurses we need to respect the autonomy and allow for the patient to express their choices and concerns. We also need to provide them with support by giving them knowledge and understanding so they
Mackey also wants employees that have a high degree of ingenuity and creativity. The next great idea will not come from a board meeting but often come from those that work directly in the field. Essentially he wants to make use of everything the employee has to offer.
Which of the six principles in the AICPA Code of Conduct is most related to Article 1.5 of the California Accountancy Act? Explain your conclusion.
Renzo Ramon, a 25-year old, works at Adidas, as a salesperson for over 2 years and was employed in 2014. He maximizes his hours to pay his daily expenses, like food, gas and rent. All because, Renzo, decided to move out his family’s home and begin his adult life. He currently works in an athlete’s dream job; he has the privilege of getting exclusive discounts on all items. His day starts around noon and usually oversees closing the store. His salary depends on customer’s references when an item is purchased. Therefore, when customer’s reference Renzo as an employee who helped, his employee points, which are used to determine his hourly wage begins to increase. Thus, if at least 500 customers recommend Renzo, then Renzo can enjoy the employee
I have chosen the business profession topic of higher education administration. I am extremely familiar with this profession; as it is the job that I currently hold. There is a plethora of different activities and task that are dealt with on a daily basis within this profession. Some of these items consist of assisting both full and part time staff and faculty, maintaining order within budgets and finance, including all purchase orders and check requests, facilitating student awards, including scholarships, staffing and training within the department, as well as dealing with public policy and laws within the college. It is immensely obvious that this job would keep anyone busy. This alone is one of the reasons I love this profession so much. Each day brings something new, and important group of items to accomplish. Anyone who holds this job, would go into work everyday knowing that the tasks that they are about to perform, will create a difference to not only to the departments and its students, but will also make a difference within the entire college. This person alone has the responsibility of making ethical decisions every single day as well as watching out for others who may need help being pointed in the proper ethical direction based on their knowledge of the school’s ethics plans that have been put in place. If someone were unaware of the ethical standards in this profession, there is a lot of room for things to head in a corrupt direction rather quickly.
The ACA Ethics Committee members developed “A Practitioner 's Guide to Ethical Decision Making”, which address ethical questions in the workplace by identifying problems, deliberating potential
His project manager, Oliver Freeman, changed the analysis. that Daniel submitted in order to get a clear opinion so that their firm may get an exclusive account. The. My decision was to report the incident so that the correct information would be supplied in the audit documents. The decision I chose may cost Baker Greenleaf to lose an important client and Oliver Freeman to lose his job, but it will uphold the integrity of the accounting profession and keep Daniel Potter safe from the liability of providing false information.
I strive to embody integrity in everything that I strive to do. This means that each and every one of my actions must encompass and demonstrate the values I possess, no matter what the context of the situation. Additionally adhere to high moral principles and professional standards put forth by the American Institute of Certified Public Accountants. Secondly, I believe that it is important to be honest and respectful. I desire to express truth in every written and spoken word. Presenting information in a fair and impartial way when it comes to performing accounting duties is necessary in a profession that serves the public interest. I believe that being respectful means showing consideration and thoughtfulness in my relationships with my fellow those that I come into contact with. This goes hand in hand in treating everyone from fami...
Ostapski, S.A. & Pressley, D.G. (1992). Moral Audit for Diabco Corporation. Journal of Business Ethics, 11(1), 71-80.
Reichelstein, S. (2000). Providing Managerial Incentives: Cash Flows versus Accrual Accounting. Journal of Accounting Research, 38(2), 243.
Ethics play a vital role in day-to-day living from work to home. The ability to recognize ethical dilemmas and apply ethical theories to resolve ethical dilemmas is essential part of an individual 's psychological, physical, emotional, and spiritual well-being. The purpose of this paper is to explore the strengths and weakness of the American Psychological Association (APA) code of ethics, apply and evaluate the eight-step ethical decision-making model, discuss the role of deontology in ethical reasoning, resolution, and multicultural issues in the case study.
As a law enforcement officer, my fundamental duty is to serve mankind; to safeguard lives and property; to protect the innocent against deception, the weak against oppression or intimidation, and the peaceful against violence or disorder; and to respect the constitutional rights of all men to liberty, equality and justice.