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Unit 1 Individual Project

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.

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Solution Summary

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.

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On a broader basis, internal accounting is carried out to serve three major purposes- to identify risks and deviations, to allocate resources and to measure the performance of an organization. These areas are extremely important for an organization to ensure that it moves ahead as per desired strategic plans and make future decisions in an informed manner. Internal accounting, unlike financial accounting, is not done for external parties but for internal decision making of the organization and is confidential information for use by ...

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Sandeep Bardia, MBA
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  • BCom, SGTB Khalsa College, University of Delhi
  • MBA, Rochester Institute of Technology
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