Kế toán, kiểm toán - Chapter 1: Managerial accounting and the business environment
Follow employer’s established policies.
For an unresolved ethical conflict:
Discuss the conflict with immediate supervisor or next highest uninvolved manager.
If immediate supervisor is the CEO, consider the board of directors or the audit committee.
Contact with levels above the immediate supervisor should only be initiated with the supervisor’s knowledge, assuming the supervisor is not involved.
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Managerial Accounting and the Business EnvironmentChapter 1Internet UsageThe Internet fuels globalizationby providing companies with greateraccess to geographically dispersedcustomers, employees, and suppliers.As of 2008, more than 78% ofthe world's population was stillnot connected to the Internet.StrategyA strategyis a “game plan”that enables a companyto attract customersby distinguishing itselffrom competitors.The focal point of acompany’s strategy shouldbe its target customers.Customer Value PropositionsUnderstand and respond toindividual customer needs.CustomerIntimacyStrategyOperationalExcellenceStrategyDeliver products and servicesfaster, more conveniently,and at lower prices.ProductLeadershipStrategyOffer higher quality products.Learning Objective 1Understand the role of management accountants in an organization.Organizational StructureDecentralization is the delegation of decision-making authority throughout an organization.Line and Staff Relationships Line positions are directly related to achievement of the basic objectives of an organization.Example: Production supervisors in a manufacturing plant. Staff positions support and assist line positions.Example: Cost accountants in the manufacturing plant.The Chief Financial Officer (CFO) A member of the top management team responsible for:Providing timely and relevant data to support planning and control activities.Preparing financial statements for external users.Learning Objective 2Understand the basic concepts underlying Lean Production, the Theory of Constraints, and Six Sigma.Process ManagementBusiness functions making up the value chain Product Customer R&D Design Manufacturing Marketing Distribution ServiceA businessprocess is a series ofsteps that are followed in order tocarry out some task ina business.Process ManagementThere are three approaches toimproving business processes . . .LeanProductionTheory ofConstraints (TOC)SixSigmaTraditional “Push” Manufacturing CompanyForecast SalesOrder componentsProduce goods in anticipation of SalesMake Sales from Finished Goods InventoryStore InventoryStoreInventoryTraditional “push”manufacturingTraditional “Push” Manufacturing CompanyLargeinventoriesFinishedgoodsRawmaterialsWork inprocessMaterials waitingto be processed.Completed products awaiting sale. Partially completed products requiring more work before they are ready for sale.Lean ProductionThe lean thinkingmodel is a fivestep approach. Identify valuein specificproducts/services. Identify thebusiness processthat delivers value. Organize workarrangements around the flow of thebusiness process. Create a pullsystem that respondsto customer orders. Continuously pursueperfection in thebusiness process.Customer places an orderCreate Production OrderGenerate component requirementsProduction begins as parts arriveGoods delivered when neededComponents are orderedLean ProductionThe five step process results in a “pull” manufacturing systemthat reduces inventories, decreases defects, reduceswasted effort, and shortens customer response times.Lean ProductionLean thinking can be used to improve business processes that link companies together. The term supply chain management refers to the coordination of business processes across companies to better serve end consumers. A constraint (also called a bottleneck) is anything that prevents you from getting more of what you want. The Theory of Constraints is based on the observation that effectively managing the constraint is the key to success. The constraint in a system is determinedby the step that has the smallest capacity.Theory of Constraints4. Recognize that the weakest linkis no longer so.1. Identify the weakest link.2. Allow the weakest link to set the tempo.3. Focus on improving the weakest link.Only actions that strengthen the weakest link in the “chain” improve the process.Theory of ConstraintsSix SigmaA process improvement method relying on customer feedback and fact-based data gathering and analysis techniques to drive process improvement.Refers to a process that generates no morethan 3.4 defects per million opportunities.Sometimes associatedwith the term zero defects.Six SigmaLearning Objective 3Understand the importance of upholding ethical standards.Code of Conduct for Management Accountants The Institute of Management Accountant’s (IMA) Statement of Ethical Professional Practiceconsists of two parts that offer guidelines for: Ethical behavior. Resolution for an ethical conflict.CompetenceFollow applicablelaws, regulationsand standards. Maintain professional competence. Provide accurate, clear, concise, and timely decision support information. IMA Guidelines for Ethical BehaviorRecognize and communicate professional limitations that preclude responsible judgment.ConfidentialityDo not disclose confidential information unless legally obligated to do so. Ensure that subordinates do not disclose confidential information. Do not use confidential information for unethical or illegal advantage. IMA Guidelines for Ethical BehaviorMitigate conflicts of interest and advise others of potential conflicts. Abstain from activities that might discredit the profession.Refrain from conduct that would prejudice carrying out duties ethically.IntegrityIMA Guidelines for Ethical BehaviorCommunicate information fairly and objectively.Disclose all relevant information that could influence a user’s understanding of reports and recommendations.CredibilityIMA Guidelines for Ethical BehaviorDisclose delays or deficiencies in information timeliness, processing, or internal controls.Follow employer’s established policies.For an unresolved ethical conflict: Discuss the conflict with immediate supervisor or next highest uninvolved manager.If immediate supervisor is the CEO, consider the board of directors or the audit committee.Contact with levels above the immediate supervisor should only be initiated with the supervisor’s knowledge, assuming the supervisor is not involved.IMA Guidelines for Resolution of an Ethical ConflictFollow employer’s established policies.For an unresolved ethical conflict: Except where legally prescribed, maintain confidentiality.Clarify issues in a confidential discussion with an objective advisor.Consult an attorney as to legal obligations.IMA Guidelines for Resolution of an Ethical ConflictAbandoning ethical standards in business would lead to a lower quality of life with lessdesirable goods and services at higher prices.Why Have Ethical Standards?Without ethical standards in business, theeconomy, and all of us who depend on it forjobs, goods, and services, would suffer.Ethical standards in business are essential for asmooth functioning economy.Company Codes of ConductEmployeesCustomersSuppliersAnd to the communities inwhich the company operates.Broad-based statements of acompany’s responsibilities to:Codes of Conduct on the International LevelIn addition to integrity and objectivity, resolution of ethical conflicts, competence, and confidentiality, the IFAC’s code deals with the accountant’s ethical responsibilities in:Taxes,Independence,Fees and commissions,Advertising and solicitation,Handling of monies, andCross-border activities. The Code of Ethics for ProfessionalAccountants, issued by the InternationalFederation of Accountants (IFAC), governs the activities of professional accountants worldwide.Corporate GovernanceThe system bywhich a company is directedand controlled.Board ofDirectorsTopManagementStockholdersTo pursueobjectives ofIncentives andmonitoring forThe Sarbanes-Oxley Act of 2002The Sarbanes-Oxley Act of 2002 was intended to protect theinterests of those who invest in publicly traded companies byimproving the reliability and accuracy of corporate financialreports and disclosures. Six key aspects of the legislation include: The Act requires both the CEO and CFO to certify in writing that their company’s financial statements and disclosures fairly represent the results of operations. The Act establishes the Public Company Accounting Oversight Board to provide additional oversight of the audit profession. The Act places the power to hire, compensate, and terminate public accounting firms in the hands of the audit committee. The Act places restrictions on audit firms, such as prohibiting public accounting firms from providing a variety of non-audit services to an audit client.The Sarbanes-Oxley Act of 2002(continued) The Act requires a public company’s independent auditor to issue an opinion on the effectiveness of the company’s internal control over financial reporting to accompany management’s assessment, and both are included in the company’s annual report. The Act establishes severe penalties for certain behaviors,such as:Up to 20 years in prison for altering or destroying anydocuments that may eventually be used in an officialproceeding.Up to 10 years in prison for retaliating against a“whistle blower.” Enterprise Risk ManagementA process usedby a company toproactively identifyand manage risk.Once a company identifies its risks, perhaps themost common risk management tactic is to reduce risks by implementing specific controls.Should I try to avoid the risk, share the risk, accept therisk, or reduce the risk? Enterprise Risk ManagementCorporate Social ResponsibilityCSR extends beyond legal complianceto include voluntary actions that satisfy stakeholder expectations. Corporate social responsibility (CSR) is a concept whereby organizations consider the needs of all stakeholders when making decisions. CustomersEmployeesCommunitiesSuppliersStockholdersEnvironmental & Human RightsAdvocatesCorporate Social ResponsibilityCertified Management AccountantA management accountantwho has the necessary qualifications and who passes a rigorous professional exam earnsthe right to be known as a Certified Management Accountant (CMA).Information about becoming a CMA and the CMAprogram can be accessed on the IMA’s website at www.imanet.org or by calling 1-800-638-4427.End of Chapter 1
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