Financial Delegation and Accountability

This assignment delves into the crucial aspects of financial delegation and accountability within organizational structures. It highlights the significance of clearly defined roles, appropriate skill allocation, and the balance between authority and responsibility in ensuring successful financial management. The discussion emphasizes the ethical implications of financial delegation and the need for transparency and oversight to maintain accountability.

Running head: ETHICAL AND CORPORATE GOVERNANCE 1
Ethical and Corporate Governance
Institution Affiliation
Name

ETHICAL AND CORPORATE GOVERNANCE 2
Research in Ethical and Corporate Governance
Ethical and Corporate Governance is referred to as the policies and process that a firm has in
place to pursue with diverse issues that concern how it is managed and carry out day to day
corporate operations. It is primarily significant that firms exists so as to create a service or
product that is basically used to generate profits (Chan, & Cheung, 2012). Conversely, that
particular intention should be balanced with controls that make sure that the business pursues
revenues without passing through to the line of realisms of unethical behaviours. Ethical and
Corporate Governance policies must also cover the anticipated behavior of senior company
members such as CEOs, the board of managers and other senior administration team who are
habitually seen as exempted from usual policies that are useful in the enterprise (Carrese,
2015). Corporate Governance involves the structure of rules, systems, relationships and
process by and within which power is basically controlled and exercised in businesses.
How Corporate Governance is attained and how it assists with the structure of
relationships, rules, processes and systems in an organization
The aspect of Good Corporate Governance is all about having the precise and suitable
procedures and policies in place. This aspect is often about upholding a culture where better
relations between shareholders offer positive assistances to long-term objectives of the
business. CEOs, the board of directors and other senior management team can all make a
substantial contribution to the aspect of moral Corporate Governance, amenability training as
part of a culture management systems as a better way to implant such a culture of the
corporation at each level of the company (DesJardins, & McCall, 2014). The aspects that
constitute moral Corporate Governance will basically progress in the light of the changing
situations of a firm and should be personalized so as to meet those particular situations.
Fundamentals of any Corporate Governance framework is instituting the duties of senior
administration and the panel with a balance of abilities, experiences, and independence of the

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panel suitable to the extent and nature of the firm operations. Basically, there is a basic
requirement for reliability among those individuals who can effect a firms financial and
policy performance together with responsibility and moral decisions making that takes into
account not only legal obligations but also the interests of the company shareholders. Good
Corporate Governance often assists the company in ensuring that proper ethical standards
have been met and maintained (Carrese, 2015). This is basically done by management team
because they are considered to be the drivers of its operations. Thus they are mandated to
ensure that the company offers products and services that are fit for human consumption and
that the services have no particular harm to the users. Each company choice has a component
of improbability and carries a risk that can be achieved via efficient oversight and internal
controls that enhance framework of relationships, systems, rules, and processes in a business
(Khan, Muttakin, & Siddiqui, 2013). Apparently, good company governance practice is
progressively vital in evaluating the cost of money in a comprehensive capital market.
Australian firms should be equipped so as to strive worldwide and to promote and maintain
assurance in both overseas and Australia.
Requirements of corporate governance, organizational policies, and financial
accountabilities and delegations
Good corporate governance requires that the company or the business basically carry out its
business in accordance with the set rules and regulations because it is the duty of companies
to provide goods and services that have no harm to its clients. The company should also
ensure that no misrepresentation is associated with its operations because this may offer
wrong data about the company which may deceive the shareholder or its investors
(Cuninghame, 2016). All employees should understand who in the company has authority to
make diverse decisions because an effective framework of delegated authorities is essential to
the effective and efficient operations and performance of any substantial company. Basically

ETHICAL AND CORPORATE GOVERNANCE 4
it is the aspect of good governance to document and clarify the delegation authority that
applies to a business because such particular documentations helps employees to understand
their authority so as to make decisions that encompass commitments to expenditure on behalf
of the organization. In companies, the delegation of authority framework needs to be
appropriate to the complexity and size of the organization, informed by the associated risks
with decision-making and aligned with the organization's strategic objectives (Fassin, Van
Rossem, & Buelens, 2011). The organizational policy is another aspect that assists in good
succession planning and staff renewal because employees who have high-performance
records will be rewarded favorably thus enhancing the company productions. New
incumbents will readily understand the delegations that are assigned to the role if they can
refer to an access policy.
Good corporate governance also enhances delegation and accountability policy that basically
sets out managers who are accountable for reviewing, monitoring, implementing and revising
the policies because it is usually the requirement for the company management to ensure that
its management team performs their respective duties diligently. Effective communication is
also considered to be another effective requirement of the corporate governance in diverse
companies (Del Baldo, 2012). This is because effective communication enhances better
communication perspective in within companies. Employees will be able to communicate
effectively and without breakage in communication that will enhance better productions and
thus high yields as compared to poor communication aspects.
Ethical considerations and management confidentiality in handling files and records
Professional persons in diverse industries have the ethical and legal responsibilities to
safeguard to safeguard the confidentiality of information that regards the customers in their
management. Industries and companies’ within which professionals see clients or pursue
research may have their own policies that concern safeguarding privacy and maintaining

ETHICAL AND CORPORATE GOVERNANCE 5
records. Performing duties to the best of their knowledge and in accordance with the set rules
and regulations governing their responsibilities should be upheld to the highest standards so
as to enable them to carry out their duties diligently. Managers in diverse companies are often
required to possess the highest degree of confidentiality when handling and managing files
and records for both the company and its employees (Holland, & Albrecht, 2013). This aspect
is vital because it usually prevents leakage of vital information that belongs to individuals or
the company to most of their competitors. Diverse firms that are most successful at protecting
market-sensitive data, confidential, embedded practices for guarding that data in the culture
of their industry and strengthen these through systematic messages from top executives.
Diverse individuals must to be cognizant of their personal obligations so as to uphold the
confidentiality of the firm data and the main tenacity of diverse systems that are utilized so as
to keep market sensitive data and confidentiality when basically handing company files and
records (Khan, Muttakin, & Siddiqui, 2013). Management and handling of confidential files
and records encompass discussion about employee relation issues, actions relating to
discipline, impending layoffs, termination, and workplace investigation of workers
misconducts. While the revelation of this vital data is necessarily prohibited but it is almost
counter-productive and can really damage the shared spirit of a work place.
How companies promote responsible and ethical decision-making
In this case, the company board of directors often recognizes the need for sustained
conservation of the top standards of company governance exercise and ethical behavior by all
the company management and workforces (Tricker, & Tricker, 2015). Diverse companies
usually promote responsible and ethical decision-making by ensuring that its management
team performs their duties in accordance with the set guidelines so as to facilitate the
company produce products and services that are fit for human use. This aspect is quite vital
for the company because it will increase its credibility and improve confidence among its

ETHICAL AND CORPORATE GOVERNANCE 6
customers. The aspect of ethical making of decision in the organization has basically gained
much attention in modern years for diverse reasons such as rising public scorn that regards
business behaviors and internal individual work values engagements. Managers should
acknowledge their duties in shaping companies ethics and seize this chance so as to build a
climate that can reinforce the reputations and relationships on which their corporation’s
success relies on. Managers who disregard ethics run the risk of corporate and personal
obligation in present increasingly harsh legal environment (Ferrell, & Fraedrich, 2015).
Additionally, they dispossess their companies of the benefits accessible under new state
guidelines for penalizing organizations convicted of misconduct. These sentencing rules
recognize for the first time the managerial and organizational roots of illegal conduct and
base charges partially on the degree to which firms have taken steps to avert that delinquency.
Main features of financial legislation that relates to taxable deals and requirements for
reporting
According to financial legislation that relates to taxable transactions and reporting
requirements, diverse firms are often required to ensure that they report their year-end profits
in accordance with the prescribed rules set the legislative bodies. Setting-up the right
statement keeping mechanism for the business basically helps the company work effectively
and meet the legal rations and strengthens the employees and customer relations (Tricker, &
Tricker, 2015). Another key feature is that the company present its proof of purchase such as
receipts, sales records, and employment records so as to enable the company supports their
reports to the taxable authorities. It is the best idea to keep business and personal records
different so as to streamline tax returns and business reporting. For instance, using a devoted
business debit and credit card for corporate expenses will make it easy to distinct personal
and business expenses. When companies and other organizations conform to accounting
standards, their overall purpose of financial reports must be more equivalent than they would

ETHICAL AND CORPORATE GOVERNANCE 7
then be. This permits stakeholders and other users of the financial reports to relate the
organizations better. The financial reports also offer one means in which the governing and
management body of an organization are accountable to those who offer resources to the
organization (Tricker, & Tricker, 2015). The provision of data for accountability aims is a
main important aspect of financial statements by public division organizations and non-profit
making companies in the private sectors.
Main requirements of organizational procedures and policy that relates to:
Corporate governance
Corporate governance is considered to be the mechanism of practices, processes and rules by
which a firm is controlled and directed. This aspect basically involving balancing the
company interests of its shareholders such as management, suppliers, financiers, and
customers. Since the aspect of corporate governance also offers the framework for achieving
the firm goals, it included essentially every scope of management from internal controls and
action plans to performance evaluations and corporate disclosures (Carrese, 2015). Basing on
the relevance of this case, a company is often required to utilize the set rules and regulations
so as to ensure that their way of productions is acceptable to the general public. Firms that do
not follow the set rules and guidelines are expected ensure that their management team
improves their working baseline so as to improve their performance. Another key
requirement is proper management. Noble corporate governance basically creates an apparent
set of rules and controls in which the stakeholders, and directors have aligned motivations.
Most of the firms basically struggle to have a high degree of cooperate governance (Weiss,
2014). The organization is basically required to approach their production aspect in
accordance with the country’s set guidelines because it is usually the responsibility of the
country to ensure that the products produced are of high quality and fit human consumption.
Organizations also ensure that when employing other staffs, they must contain high-quality

ETHICAL AND CORPORATE GOVERNANCE 8
skills and knowledge that fit the descriptions because it is usually the employees who
improve the company credibility and confidence among its customers. Employees that
possess high skills should be readily employed by firms so as to assist them in the production
of high-quality goods and services and accordance with the set guideline.
Financial delegations and accountabilities
The diverse organization often requires individuals that possess a high level of skills and
knowledge when adding up their workforce (Pauls, 2012). This is vital because it is the duty
of the company management to ensure that the right employees are employed so as to
facilitate better productions. Financial responsibility results from keeping a person for
efficiently executing a financial act such as main control process in a financial deal process.
In diverse companies, when delegating duties, the individual allocated to carry out a
particular task is usually responsible and accountable for the task. This is often important
because it will facilitate seriousness in doing the task. Level of skills is another key feature
during financial delegation and accountability because management team should often
embrace on skills in that only qualified individuals are allocated to carry out a particular task
in the organization. This aspect is often important because it will enhance the aspect of
accountability and responsibility when allocated a particular task to undertake (Mason, &
Simmons, 2014). A person that is accountable for the effective accomplishment of a main
control policy may, as procedure permits, assign the duty, but not the responsibility, for
finishing the policy to another skilled individual. Authority delegation is a requirement for
the successful execution of results basing on management because to be responsible for
results; directors have to be appropriately empowered via the clear authority delegation in all
parts that includes the management of human resources (Carrese, 2015).

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References
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