Code of Ethics in Management Accounting and Financial Management
When faced with major problems and dilemmas in management accounting and financial management, practitioners look to the 'standards of ethical conduct' for practitioners of management accounting and financial management. While looking at ethical standards one has to look at four different areas they are competence, confidentiality, integrity, and objectivity. These four areas are the backbone of what management accounting and financial management are made. When faced with a possible violation within this backbone of the ethical standards one should ask themselves two questions, "Will my actions be fair and just to all parties affected?" and "Would I be pleased to have my closest friends learn of my actions?" (Weygandt D-1) practitioners of management accounting and financial management have an obligation to the public, organization, and themselves to adhere by the ethical standards both domestically and internationally.
When considering the first aspect of the ethical standards competence, a practitioner just as a collegian professor must continue to grow and develop their understanding and knowledge of their skills. They must be professional in their duties and abide by all legal statutes and standards. One must also maintain up to date reports that are clear, revenant, and accurate information.
Secondly practitioners of management accounting and financial management must maintain the highest level of confidentiality. One must not disclose confidential information to anyone in any shape or form unless obligated to do so by law. One must inform the appropriate people when dealing with confidential matters and the monitor the...