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Ethical Code for Financial Management Assignment

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Added on  2020-05-04

Ethical Code for Financial Management Assignment

   Added on 2020-05-04

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Ethical Conduct for Financial Management
Ethical Code for Financial Management Assignment_1
Analyzing the Comprehensiveness of Organizational Ethical CodeThe Code of Ethics of Eli Lilly and Company for financial leaders has stated theethical principles that they should follow for carrying out their roles and responsibilities. Asper the international code of ethics, there are five fundamental principles that the financialleaders need to comply as follows:Integrity: The financial leaders must carry out their roles in an honest manner fordeveloping the professional relationshipsObjectivity: The decisions taken by the financial leaders should be unbiased withouthaving any influence of outside parties Professional Competency: The financial leaders must posses required skills set andcompetencies for ensuring that the clients receive competent professional services.The professional competency is required so that financial leaders carry out theirresponsibilities in due diligence and as per the technical and professional standards(International federation of Accountants, 2017).Confidentiality: The financial leaders also hold the responsibility of protecting theconfidential information of their entity so that it cannot be accessed by outside partiesfor unethical purposes.Professional Behavior: The financial leaders should comply with the required lawsand regulations for carrying out their roles as per the professional standards(McMillan, 2012).Thus, as per this standard code of ethics, the Eli Lilly and company financial managementcode can be regarded to be comprehensive. The code of ethics of the company has stated thatthe financial leaders should act with integrity, objectivity, confidentiality, and competencyand as per the standard professional behavior. The code of ethics of the company hasadvocated that it is dedicated to achieve highest standards of corporate conduct that are basedon its core values and ethical principles. The Red Book Code of Business Conduct hasdetermined the ethical framework that the company follows for carrying out its businessactivities . However, the code of ethics of financial management of the company lacks theconsequences that the financial managers will face for breach of this code of conduct. Theactions that the company will take over the disciplinary matter arising due to violation of theabove code are not provided in the company code of ethics. Also, the code of conduct doesnot state the procedures to be followed while taking decisions in the situations relating toethical dilemma (International federation of Accountants, 2017). The ethical principles undertaken by the company for maintaining the privacy ofemployees faced with violations charges is also indicated in the ethical standards. Also, theethical code followed by the company for maintaining the confidentiality of employeesreporting the possible violations is also not stated in its mentioned code of ethics. Thecompany should also develop ethical codes that promote open communication and interactionbetween all its financial managers and leaders about any ethical issues for ensuring thesuccessful adoption of ethical standards (International federation of Accountants, 2017). Thisis necessary for enhancing co-operation between all the financial leaders of the company so
Ethical Code for Financial Management Assignment_2

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