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Ethical Standards in Financial Calculations

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News reports often contain high profile stories about businesses that fail to apply ethical standards to their financial calculations and reporting. Lapses in judgment or deliberately deceptive practices have at times led to the demise of an organization or to a public scandal. What ethics-based practices would you, as a manager, expect of your finance department? What processes and checks would you implement to ensure the application of business ethics, and to detect any variances or lapses in their application?

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What ethics-based practices would you, as a manager, expect of your finance department?

-- This really needs to start at the top, and by that, we're referring to the tone at the top. The tone at the top is the "tone" that upper management sets in the organization, which is also the foundation for the corporate culture. If a culture or internal environment is created from the tone at the top that supports strict adherence to sound ethical principles and a strict compliance with all accounting and business rules, regulations, and various laws, it will set the standard for the organization. If ...

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This solution explains the processes and checks you should implement to ensure the application of business ethics, and to detect variances or lapses in application. This solution also clearly explains what ethics-based practices a manager would expect of the finance department.

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