Wk 2 Technology

Ethical standards and Reporting Practices paper

Gustav Viale

UOP HCS/ 405

January 31, 2013

Ernestine Givens, MBA

Financial reporting and the ethical standards used within the health arena is a vital part for an organizations longevity. This paper will summarize the four elements of financial management, generally acceptable financial ethical standards, examples of ethical standards and financial reporting and provide examples from articles that reflect ethical standards of conduct performed by established organizations. The significance of the example is also outlined within the following.

Financial management within an organization has several critical areas that require ethical and moral standards to be adhered to. There are four elements that must be managed to ensure standards are followed and to sustain the longevity of an organization. The elements are planning, controlling, organizing/directing, and decision making (Baker & Baker, 2011). During planning a financial manager must have knowledge of policies, procedures, and organization goals to provide to staff and all involved. This is reciprocated with the controlling portion of the elements when the manager directs and oversees procedures are in force. With the organization stage the manager decides how best to accomplish the task and what resources are required for the policies to be in force. Directing is a constant duty for the manager because changes occur frequently, and this task is continuous. The final stage is the decision-making stage in which the manager must have an open mind to staff needed for the task without bias, and how to best make good use of resources to finish the task (Baker & Baker, 2011). This final stage works with the previous three in unison to ensure smooth operation and assist with placing all the actions in motion.

Generally acceptable accounting principles (GAAP) are a set of standards that align the financial...