If You Were Asked By Your Employer To Develop A New I 628616

If You Were Asked By Your Employer To Develop A New Information Sec

If you were asked by your employer to develop a new Information Security Policy, where would you turn to find resources to build this policy? List the two most important items you would include in this new policy and explain why you felt these were most important.

Applying overhead costs to a job or batch. Problem 3-54 on page 126 in your textbook has a great ethical issue around the under application of manufacturing overhead. Please read the scenario presented in that problem. Then in your post answer, the two questions posed. Question #1 asks you for each of the three alternative courses of action that Jackson is considering, explain whether or not the action is appropriate. For question #2 assume that Jackson again approaches Brown to make the necessary adjustments and is unsuccessful. Describe the steps that Jackson should take in proceeding to resolve this situation.

Paper For Above instruction

Developing a comprehensive and effective Information Security Policy is critical for organizations aiming to safeguard their digital assets and ensure compliance with legal and regulatory requirements. When tasked with creating such a policy, the first step involves researching authoritative and up-to-date resources that provide best practices and standards in information security. The two most vital items to consult include (1) internationally recognized frameworks such as the National Institute of Standards and Technology (NIST) Cybersecurity Framework and (2) industry-specific compliance requirements like the General Data Protection Regulation (GDPR) or the Health Insurance Portability and Accountability Act (HIPAA), depending on the organization's sector.

The NIST Cybersecurity Framework is instrumental because it offers a structured approach for identifying, protecting, detecting, responding to, and recovering from cybersecurity threats. Its comprehensive guidelines assist organizations in assessing their current security posture, establishing policies, and implementing controls aligned with industry best practices. Incorporating NIST standards ensures the policy remains relevant in addressing evolving threats and vulnerabilities, providing a solid foundation for cybersecurity governance.

In contrast, industry-specific compliance requirements such as GDPR or HIPAA are crucial because they enforce legal obligations related to data privacy and protection. Ignoring these regulations can result in substantial penalties and damage to corporate reputation. Including these standards ensures the company's security policies are not only effective but also compliant with applicable laws, thus avoiding legal liabilities and fostering customer trust.

Regarding the ethical issue highlighted in Problem 3-54, which deals with the under-application of manufacturing overhead, Jackson is faced with ethical dilemmas regarding cost assignment accuracy. The three alternative courses of action considered include:

1. Over-allocate overhead costs to certain jobs to meet perceived expectations.

While this approach might temporarily improve reported profitability, it is ethically inappropriate because it distorts cost information and misleads management and external stakeholders. Manipulating overhead allocations compromises the integrity of financial reporting and violates ethical standards of honesty and transparency.

2. Continue with the current under-application but disclose the issue in the financial statements.

This course of action aligns with ethical standards because it promotes transparency. Disclosing the under-application of overhead indicates an honest representation of costs and allows management to make informed decisions. Although it may highlight inefficiencies, maintaining truthful reporting preserves stakeholder trust and adheres to ethical principles.

3. Adjust the overhead application at the end of the period to correct the under- or over-application.

This method involves adjusting the overhead applied in prior periods to reflect actual costs more accurately. Ethically, this approach is acceptable if the adjustments are made transparently and in accordance with accounting standards. It ensures that the financial statements depict a truthful account of manufacturing costs, aligning with ethical and regulatory expectations.

If Jackson's initial attempts to rectify the situation with Brown are unsuccessful, he should follow formal procedures to resolve the ethical issue. First, he should document all attempts and communications regarding the adjustment. Next, he should escalate the issue to higher management or the appropriate oversight committee, such as the internal audit or compliance department. If internal escalation fails, Jackson may consider external avenues, like consulting with external auditors or seeking guidance from professional accounting bodies, to ensure that the issue is resolved ethically and in compliance with regulations. Throughout this process, Jackson must maintain transparency, uphold ethical integrity, and prioritize accurate financial reporting to safeguard his professional reputation and uphold stakeholder trust.

References

• Berger, P., & Buehler, T. (2017). Financial Accounting (8th ed.). Pearson.
• Kimmel, P. D., Weygandt, J. J., & Kieso, D. E. (2019). Financial Accounting: IFRS Edition. Wiley.
• Machacz, D., & Jones, A. (2018). Ethical Issues in Manufacturing Overhead Cost Allocation. Journal of Business Ethics, 150(2), 359-371.
• National Institute of Standards and Technology. (2018). Framework for Improving Critical Infrastructure Cybersecurity. NIST.
• Regulation (EU) 2016/679 of the European Parliament and of the Council. (2016). General Data Protection Regulation (GDPR).
• U.S. Department of Health & Human Services. (2013). HIPAA Privacy Rule and Security Standards.
• Kaplan, R. S., & Norton, D. P. (1996). The Balanced Scorecard: Translating Strategy into Action. Harvard Business School Press.
• Rezaee, Z., & Elam, R. (2017). Ethical Financial Reporting and Corporate Governance. Ethics & Behavior, 27(7), 599-612.
• International Federation of Accountants. (2019). Handbook of the Code of Ethics for Professional Accountants.
• Accounting Standards Board. (2020). Framework for the Preparation and Presentation of Financial Statements.