Reporting Practices and Ethics

Reporting Practices and Ethics

William Anthony Bell Jr.

HCS/405

Ian Francis

November 6, 2013

Reporting Practices and Ethics

In the world of health care, financial and ethical practices crucial for success. Financial and ethical practices are strongly supported in health care to ensure expectations are met, and the organization is able to manage finances as accurately and effectively as possible. This piece will explain a few general accounting principles along with corporate compliance, ethics, fraud and abuse. It will also explain the four elements of financial management also including a summary of generally accepted accounting principles and general financial ethical standards. In addition, it will provide examples that reflect ethical standards of conduct and financial reporting practices. Lastly, this paper will explain the significance of the examples, which are provided.

Elements of Financial Management

Financial management consists of four elements (Baker & Baker, 2011). These elements are:

1. Planning, in which the manager has to recognizes the path to complete the company objectives. The manager must recognize the actions required before moving towards accomplishing the companies’ objectives (Baker & Baker, 2011).

2. Controlling, where the financial manager verifies that each section of the organization is completing the agenda. This is done by studying and comparing current and past reports. This feedback is then used to determine what changes to make for each section based on strengths, weaknesses, and compliance with the plan (Baker & Baker, 2011).

3. Organizing is when the manager decides how to use the organizational resources best to meet the plans for the objectives. The main objectives behind organizing are to support organizational efficiency and effective resource application (Baker & Baker, 2011).

4. Decision making, is the point when financial managers begin making choices. It is important to...