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internal accounting system

Details: You are the manager of an accounting department and would like to hire another managerial accountant to focus on internal accounting. The CEO is not convinced that a managing accountant position is needed. Prepare a memo for the CEO on the following:

Explain the objectives and characteristics of an internal accounting system.
Include an explanation of the importance of this information to the company.
Include an explanation of ethics in business and the managerial accountant's role in upholding the code of ethics.

List any web sources for citation purpose.

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Solution Preview

Explain the objectives and characteristics of an internal accounting system.

The objectives of an internal accounting systems are that it should support protect and encourage sound management practices. In general the internal account system supports financial decision making but it also support general decision making.

In particular the internal accounting system helps clarify that government regulations are followed, the organization policies are compiled with, the financial information is reliable so that the board and management can make decisions correctly. Finally, the internal accounting system makes sure that assets and records of the firm are not stolen, misused or destroyed.

Include an explanation of the importance of this information to the company.

This information is ...

Solution Summary

internal accounting system is discussed very comprehensively in this explanation..

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