FIA6001 Managerial Accounting Assignment Report, Summer 2019

This report examines the principles of professional ethics in managerial accounting, emphasizing the importance of ethical conduct, honesty, and confidentiality within an organization. It discusses various professional ethical standards, including those applicable to the Sharjah Police, focusi...Read More

Running Head: MANAGERIAL ACCOUNTING 0
Managerial Accounting
Student Name

: MANAGERIAL ACCOUNTING 1
Table of Contents
Introduction......................................................................................................................................2
Professional ethics principles..........................................................................................................2
Professional ethical standards..........................................................................................................2
Job Profile....................................................................................................................................2
Organization Ethical principles and standards................................................................................3
Importance of Ethical principles and standards...............................................................................3
Application...................................................................................................................................3
Conclusion.......................................................................................................................................4
References........................................................................................................................................5

: MANAGERIAL ACCOUNTING 2
Introduction
The principle of professional ethics is adhering to the highest standards of professional conduct.
It is a behavior which has been expected in an organization and the corporate. The one who can
make judgments, apply their skills and have the capability of reaching the information where the
other public cannot reach are called professionals. There are various professional ethics
standards that are required to be maintained in the organization that will be discussed in this
report.
Professional ethics principles
 He must follow the professional conduct
 He should communicate with the clients and colleagues in an honest and open manner
 He has the duty to maintain the confidentiality in the professional relationship
 The commitments shall been fulfilled in a responsive, reliable and efficient manner
 The person is fully responsible fractions, financial dealings and use of resources.
 The person need to avoid the conflicts of interest
 The person shall show respect towards others and must honor diversity1
Professional ethical standards
The profession standards are set by the organization for governing the behavior of the person. It
is the set of rules that how the person will behave towards the other persons and institutions in an
environment. Every organization has different standards and it depends on the type or
organization however there are some standards which are universal and applies on every
organization. These maintained the discipline in the organization and it helps the public as
confidence will be built on them, clients have more transparency. There are many more will be
helped from the proper code of conduct in the organization2.
1 Institute of Global Ethics, “Promoting ethical action in a global context”, http://www.globalethics.org/, June 27,
2019.
2 IMA, " Institute of Management Accountants" http://www.imanet.org –, June 27, 2019.

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Job Profile
The person is working in Sharjah Police in Emirates Arab Emirates. He has the duty to manage
which regulates the condition of Society, guarantee rights and has the duty to initiate penalties
against violators. There are various professional principles and standards which are required to
be adhere in managing the laws and making into the regulation3.
Organization Ethical principles and standards
Sharjah Police ethical principles and standards are very high that are:-
 The person should been honest in doing the job
 He has to comply with laws, regulations and rules
 The person must work in the best interest of the public and there must not been conflict
of interest where the person works in the self interest
 The person are required to maintained the secrecy of the insider trading till the company
does not authorize him to do so
 No discrimination and harassment should been done to the other persons or public4
Importance of Ethical principles and standards
The importance of ethical principle will benefit to the employee, organization in their growth. It
also benefit to:-
 The public in which the confidence of profession trustworthiness
 It will beneficial for the public as they will have better transparency about the affairs of
the Sharjah Police
 The members of the profession as it will provide the supportive framework in releasing
the pressure in acting inappropriately and to accept the decisions which are said to be
grey areas
 The principles of professional ethics as a whole provides a common practice and it allows
to have a fairly procedure5
3 Ethics Resource Center, “Job Board”, https://www.ethics.org/resources/, June 27, 2019.
4 Ibid
5 CFA Institute, “Premier Global Association” http://www.cfainstitute.org/-, June 27, 2019.

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Application
The professional principles and standards have been applied while doing his job by working
honestly for the best interest of the public. The person will take actions and make a best team and
will not take any action which can damage the company goodwill. The operational manager will
not promote the persons according to their skills and work and not by giving favor. He must not
discriminate any person in the company. He should not leak any confidential information to its
competitor. The responsibility of managing the various departments and making communication
with the leaders of every department must be clear and precise and must have clearly defined
their role and responsibilities.
Conclusion
From the above analysis it can be concluded that professional ethics and standards is an
important part of any organization. It has been analyzed that various principles are required to be
followed by every organization to maintain a healthy environment in the city. It has been
analyzed that Police has a tough role to play and by applying the professional principles and
standards.

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References
CFA Institute, “Premier Global Association” http://www.cfainstitute.org/-, June 27, 2019.
Ethics Resource Center, “Job Board”, https://www.ethics.org/resources/, June 27, 2019.
IMA, " Institute of Management Accountants" http://www.imanet.org –, June 27, 2019.
Institute of Global Ethics, “Promoting ethical action in a global context”,
http://www.globalethics.org/, June 27, 2019.