Preview

REPORTING PRACTICES AND ETHICS PAPER

Good Essays
Open Document
Open Document
723 Words
Grammar
Grammar
Plagiarism
Plagiarism
Writing
Writing
Score
Score
REPORTING PRACTICES AND ETHICS PAPER
Reporting practices and ethics paper
VOLINA CALDWELL
HCS/ 405 9/9/13 University of phoenix Darlene Tomlinson

Abstract
Introduction
Ethical standards in financial reporting are essential. Tools are set in place to ensure that this takes place. Administrative agencies have been established to strive and create a more standardize and ethical standard within a financial practice.

Reporting practices and ethics paper

The United States Securities and Exchange Commission, Financial accounting, Standard board. The Securities and Exchange Commission was established in 1934. This guarantee that the market would be protected. The elements of financial management are planning, controlling, organizing, directing and decision making rolls that the financial manager takes in order to ensure the success of the business. Planning objectives are laid out by the health care organization and they are identified. During this process it clears a path for all to follow. Controlling is part of where the financial manager must manage the resource organization. The process of this is organizing and directing when looking at the four elements of financial management. Decision making occurs during this process. During this process something has to be continually executed along with other elements of the financial management. The four elements of financial management are very important and it serves a purpose. There are also elements that need to be considered vital skills are necessary to keep a healthcare organizations running smoothly. Accepting accounting principles and general financial ethical standards. This process measures cost and performance
Continue Reading
View Writing Issues

You May Also Find These Documents Helpful

  • Satisfactory Essays

    HCS 405: Financial Reporting Practices And Ethics
    • 278 Words
    • 2 Pages

    HCS 405: Financial Reporting Practices And Ethics

    There are four elements of financial management (Baker &Baker, 2011). The first is planning. Financial planning is when one identifies the steps that need to be taken for an organization to reach its objectives. The second element is control. This means controlling each area of an organization,…

    • 278 Words
    • 2 Pages
    Satisfactory Essays
    Read More
  • Satisfactory Essays

    Hcs 405 Financial Reporting Practices And Ethics Paper
    • 252 Words
    • 2 Pages

    Hcs 405 Financial Reporting Practices And Ethics Paper

    There are four different elements used in financial management. These elements include: planning, controlling, organizing and directing, and decision making.…

    • 252 Words
    • 2 Pages
    Satisfactory Essays
    Read More
  • Powerful Essays

    Rsm220-Week 01 Slides
    • 2259 Words
    • 10 Pages

    Rsm220-Week 01 Slides

    Role of Financial Reporting • Financial statements and financial reporting • Accounting and capital allocation •Stakeholders Objective of Financial Reporting •Management bias •Users’ needs Standard Setting • Need to develop standards • Parties involved in standard setting • Standard setting in a political environment GAAP • GAAP hierarchy •Professional judgement • Role of ethics Challenges Facing Financial Reporting • Globalization of companies and capital markets • Impact of technology • Changing nature of the economy • Increased requirement for accountability…

    • 2259 Words
    • 10 Pages
    Powerful Essays
    Read More
  • Better Essays

    Sound Financial, Ethical Practices In For-Profit And Non-Profit Healthcare Organizations
    • 1047 Words
    • 5 Pages

    Sound Financial, Ethical Practices In For-Profit And Non-Profit Healthcare Organizations

    In planning, the health care manager identifies the organizations objectives and sets up a program or step by step process through which to meet the organization’s objectives. In controlling, the manager evaluates the processes to see how the plans made are being followed. He or she will do these by comparing current performance with earlier performance to see if there are areas that need improvement. In organizing, the financial manager allocates resources to make sure that they are put into the most profitable use. In decision making, the manager selects the best course of action basing his or her decision on available information. When a finance manager incorporates good ethical practices while carrying out the elements of financial management, this will ensure organizational credibility.…

    • 1047 Words
    • 5 Pages
    Better Essays
    Read More
  • Satisfactory Essays

    HCS 405: Reporting Practices And Ethics
    • 859 Words
    • 4 Pages

    HCS 405: Reporting Practices And Ethics

    Financial Management is a fundamental part of successful healthcare financial planning. Financial decisions are a necessary part of day to day operations of any size or type of health care facility. These decisions are made in accordance with the facilities fiscal objectives and accounting practices. It is important that the individuals making these decisions follow proper reporting and ethical practices since these decisions affect the future of the entire facility. In order to make finical decisions it is important to understand generally accepted accounting principles, corporate compliance, ethics, fraud and abuse.…

    • 859 Words
    • 4 Pages
    Satisfactory Essays
    Read More
  • Good Essays

    Hcs 405 Financial Reporting Practices And Ethics Research Paper
    • 878 Words
    • 4 Pages

    Hcs 405 Financial Reporting Practices And Ethics Research Paper

    It is controls on financial reporting that are receiving a great deal of attention under a new law, the Sarbanes-Oxley Act of 2002. Public companies are now required by law to document controls over financial reporting, in order to fully address exposures and the effectiveness of current controls. Though many healthcare organizations are not directly affected by the law, regulatory agencies could follow suit and require similar compliance. In fact, several states have introduced bills that require nonprofit organizations to adhere to portions of the act. This article provides a guide for organizations desiring to stay ahead of the curve” (Godwin & Mueller, 2005).…

    • 878 Words
    • 4 Pages
    Good Essays
    Read More
  • Good Essays

    HCS 405: Financial Practices And Ethics
    • 776 Words
    • 4 Pages

    HCS 405: Financial Practices And Ethics

    There are four major elements that can be discussed when dealing with the issue of financial management in…

    • 776 Words
    • 4 Pages
    Good Essays
    Read More
  • Better Essays

    Financial Reporting Practices And Ethics Paper Hcs 405
    • 1070 Words
    • 5 Pages

    Financial Reporting Practices And Ethics Paper Hcs 405

    In this paper, we will discuss the financial reporting aspects of accounting and what ethical standards are being met by the health care industry. Our discussion leads us to the four fundaments accounting principles, the generally accepted accounting principles, and the financial ethics of accounting and the code of ethical behavior for managers in the health care setting.…

    • 1070 Words
    • 5 Pages
    Better Essays
    Read More
  • Better Essays

    Reporting Practice and Ethics Paper
    • 986 Words
    • 4 Pages

    Reporting Practice and Ethics Paper

    Working as a financial manager comes with a lot of responsibility; and a lot of standards of practice. Just like physicians and nurses, financial managers of health care organization have a set of rules and ethical guidelines they must follow in their practices. In this paper, I will explain what the four elements of financial management are. There will also be a summary of generally accepted accounting principles (GAAP) and financial ethical standards. Business’s mist follows these standards in order to comply with federal agencies such as the Financial Accounting Standard Board. I will also provide examples from articles that explain how corporations comply with these standards and deal with fraud or abuse.…

    • 986 Words
    • 4 Pages
    Better Essays
    Read More
  • Good Essays

    Reporting Practices and Ethics Paper
    • 819 Words
    • 4 Pages

    Reporting Practices and Ethics Paper

    Whether we want to believe it or not, finance is one of, if not, the important factors in running a successful healthcare organization. In order for it to be successful, the four elements of financial management should be executed in its entirety. These four components are controlling, planning, organizing, and decision making. When in the planning stage, it is essential to set goals for the healthcare organization along with its execution. It is in the controlling stage that helps to make sure that the goals set are to be carried out. A way that a manager can control an organization is to conduct monthly or quarterly audits. When organizing, there should be a structure set to make sure that everything is running smoothly and is up to code. With decision making, the overall performance of the other three elements and its successes determines the decisions made. For example, if the organization has gone over budget, it is up to the decision making component to evaluate the situation and to see where there can be cut backs. Not only are the four components important but also the generally accepted accounting principles and general financial ethical standards but corporate compliance, ethics or fraud and abuse will be discussed. One must first have understanding of these terms in order to apply them to daily financial practices. Once there is understanding of these terms, then it would be easier to provide a more ethical approach when it comes to the organization’s financial stability.…

    • 819 Words
    • 4 Pages
    Good Essays
    Read More
  • Good Essays

    Reporting Practices and Ethics Paper
    • 833 Words
    • 4 Pages

    Reporting Practices and Ethics Paper

    There are many reasons as to why reporting practices and ethical standards are of the upmost importance in healthcare and in any business. The types of generally accepted accounting principles; to the corporate compliance, ethics, fraud, and abuse are all important factors to be considered in order to maintain a successful business. The four elements of financial management are often used to prevent fraud and embezzlement. I believe every business should adopt good business ethics and standards to maintain a successful organization and a successful working environment for all co-workers; but most of a pleasant environment for the patients.…

    • 833 Words
    • 4 Pages
    Good Essays
    Read More
  • Powerful Essays

    Reporting Practices and Ethics Paper
    • 1073 Words
    • 5 Pages

    Reporting Practices and Ethics Paper

    WellPoint, a managed care company, was investigated for violations of the Health Insurance Portability and Accountability Act of 1996 and Security Rules. The investigation concluded WellPoint improperly “implement policies and procedures for authorizing access to the on-line application database, perform an appropriate technical evaluation in response to a software upgrade to its information systems, and have technical safeguards in place to verify the person or entity seeking access to electronic protected health information maintained in its application database” (Sebelius, 2013).The investigation began in October 23, 2009 and ended in March 7, 2010. The investigation specified WellPoint released the Electronic Protected Health Information (ePHI) of about 620,000 entities by permitting admission to the ePHI of entities sustained in the application database. The information available by this database included phone numbers, SSN, dates of birth, and health information. U.S. Department of Health and Human Services (HHS) stated even if database or system upgrades are accompanied by concealed individuals or the corresponding cooperation contacts, HHS expects all associations to comply with regulations by having appropriate technical, physical, and administrative safeguards to conceal the ePHI, confidentially, and integrity.…

    • 1073 Words
    • 5 Pages
    Powerful Essays
    Read More
  • Better Essays

    Ethics and Compliance Paper
    • 2174 Words
    • 9 Pages

    Ethics and Compliance Paper

    Mayo, H. B. (2012). Basic finance: An introduction to financial institutions, investments, and management (10th ed.). Mason, OH: South-Western.…

    • 2174 Words
    • 9 Pages
    Better Essays
    Read More
  • Better Essays

    Ethics and Compliance
    • 1462 Words
    • 6 Pages

    Ethics and Compliance

    In this paper we will as a team: Assess the role of ethics and compliance in your organization’s financial environment. Describe procedures your organization has in place to ensure ethical behavior. Explain how financial markets work in the United States. Identify processes the organization uses to comply with SEC regulations. Evaluate your organization’s financial performance during the past 2 years, using financial ratios. Calculate the ratios for each year: Current, Debt, Return on equity Discuss the trend for each ratio and what it tells you about the organization’s financial health.…

    • 1462 Words
    • 6 Pages
    Better Essays
    Read More
  • Powerful Essays

    Sddsd
    • 6109 Words
    • 25 Pages

    Sddsd

    This paper outlines the rationale for the regulatory arrangements put in place for setting international standards for auditing and assurance, ethics and accounting education; arrangements in which responsibility is shared between the public sector and the private sector. While the previous IFAC policy position paper on regulation of the accounting profession1 addressed regulatory issues at the national level, the focus of this paper is on standard setting arrangements at the international level. The paper describes the manner in which the current arrangements, a combination of public and private sector roles ,2 provide a standard setting structure and process that operate and are seen to operate in the public interest, in a context in which there are needs for legitimacy, independence, transparency, performance (encompassing technical competence, responsiveness and efficiency) and accountability. It seeks to recognize and address the need for balance in these areas, given that there may be trade-offs that need to be made. It also recognizes the need for the standard setting structures and processes, and the resultant standards, to create the right incentives for effective implementation of the spirit as well as the letter of the standards.…

    • 6109 Words
    • 25 Pages
    Powerful Essays
    Read More

Related Topics