Reporting Practices and Ethics

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Date Submitted: 09/28/2012 07:52 AM

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Reporting Practices and Ethics


University of Phoenix Axia College

Ensuring the financial reports of an organization are accurate is one of the most important desires of the organization as a whole. Falsification of reports or inaccurate reports will have consequences that are a direct result of poor decision-making or the lack of paying attention to detail. The reviewing of financial records allows an organization to identify any theft or fraud that may be going on within the organization. In addition, the accuracy of financial records allows mistakes to be located if there are any present, plus it protects the organization from the potential to go bankrupt. In order for an organization to maintain superior level of keeping accurate financial records, the managers must first understand, enforce and adhere to the general financial ethical standards.

In financial management there are four elements a manager must follow to keep the organization on track to accomplish their goals. These four elements which are of ultimate importance to follow are planning, controlling, organizing and directing, and decision making. In the planning stage, the goals of the organization should be identified by the financial manager. Once the goals are identified, it is then up to the financial manager to take the proper steps towards accomplishing these goals. The second step in the elements of financial management is, controlling. Once the plans have been established, it is in this stage that the financial manager ensures each department is following the desired plans. The tracking of what each department is responsible for or doing is tracked by comparing current reports to previous ones. The results of these reports will identify which departments need more work. In the third step of the four elements of financial management, which are organizing and directing, a decision should be made by the financial manager as to how to effectively use the...