ACC 336 Chapter Notes - Chapter 1.4: Internal Control, Byrsonima Crassifolia, Business Ethics

• School: Elon University
• Department: Accounting
• Course: ACC 336
• Professor: Paula Weller

Document Summary

Participates in planning, controlling, and decision making. Responsible for both internal and external accounting requirements. In charge of credit and collections as well as insurance. Business ethics: learning what is right or wrong in the work environment and choosing what is right. Ima institute of management accountants has developed ethical standards for management accountants (statement of ethical professional practice) 4 standards: competence, con dentiality, integrity, and credibility. Maintaining an appropriate level of professional leadership and expertise. Accurate, clear, concise, and timely information and recommendations. Provide all relevant information or internal controls. Internal control - integrated framework - (original framework) Framework continues to emphasise the importance of management judgement in designing, implementing, and conducting internal control and in assessing the e ectiveness of a system of internal control. Framework has been enhanced by expanding the nancial reporting category of objectives to include other important forms of reporting such as non- nancial and internal reporting including.