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Identify a specific job within a specific company that you might be interested in applying for after you graduate from the University of Phoenix. Research the job and the field in general, as well as ethical issues managerial accountants have faced that would pertain to that field. Also, educate yourself on the basics of operations within the job and company you have selected. Write a 700- to 900-word paper to include the following: Summarize the main duties of the job. Describe a specific ethical issue you might face in that position using 2 credible sources to support your description.

Summarize the IMA's standards of ethical practice and conflict resolution guide. Analyze how the IMA's standards of ethical practice and conflict resolution guide applies to the ethical issue. Predict how you would handle the ethical issue. Hypothesize what would happen if no one in the company followed the IMA's standards of ethical practice. Assess why it is important to follow the IMA's standards of ethical practice. Design or name any methods of internal controls you think could prevent or detect the unethical behavior in the future.

Paper For Above instruction

Choosing a career path after completing my degree from the University of Phoenix involves exploring roles that align with my interests and ethical principles, particularly within managerial accounting. A specific position I am interested in is that of a Financial Analyst at a multinational corporation such as Johnson & Johnson. This role involves analyzing financial data to guide strategic decision-making, preparing reports for management, overseeing budgets, and ensuring regulatory compliance. Understanding the basic operations within this company, which emphasizes healthcare product manufacturing and global distribution, is essential to contextualize the ethical challenges faced by managerial accountants.

The primary duties of a Financial Analyst at Johnson & Johnson include evaluating financial performance metrics, forecasting revenues and expenses, supporting strategic planning initiatives, and ensuring compliance with financial regulations. It also involves collaborating with finance teams and various departments to facilitate informed decision-making. Given the large scale of operations and the critical importance of ethical standards, this role requires integrity and transparency in handling sensitive financial data.

A significant ethical issue that might arise in this position pertains to aggressive revenue reporting or manipulating financial statements to meet investor expectations. For example, there could be pressure to prematurely recognize revenue, inflate profits, or defer expenses to improve quarterly reports. According to credible sources such as the Institute of Management Accountants (IMA), such actions violate ethical standards and erode stakeholder trust (IMA, 2020). An ethical dilemma could occur if managerial pressures or personal incentives conflict with maintaining accuracy and transparency in financial reporting.

The IMA’s Standards of Ethical Practice serve as a fundamental framework for any managerial accountant. These standards emphasize integrity, credibility, confidentiality, and professional competence (IMA, 2020). The conflict resolution guide provided by the IMA offers strategies for addressing ethical dilemmas, such as discussing concerns with supervisors, consulting with ethics committees, or reporting misconduct through established channels.

Applying the IMA’s standards to the ethical issue of financial manipulation reveals the importance of integrity and credibility. If I faced pressure to alter financial data, I would first ensure transparency by documenting all communications and actions. I would then approach my supervisor to express concerns, citing ethical principles and company policies. If the issue persisted, I would escalate it by consulting the ethics committee or reporting through anonymous channels supported by the organization. Upholding the IMA standards would not only protect my professional integrity but also serve the best interests of stakeholders and the company.

If the company or individuals within it neglected adherence to the IMA’s standards, the consequences could be profound. Ethical lapses could lead to regulatory penalties, legal actions, loss of stakeholder confidence, and damage to the company's reputation. Historically, financial scandals such as Enron or WorldCom illustrate how unethical behavior, if unchecked, devastates organizations and the broader economy (Healy & Palepu, 2003). Therefore, strict adherence to recognized ethical standards safeguards the integrity of financial reporting and corporate governance.

Following the IMA’s standards of ethical practice is crucial because it fosters a culture of honesty, accountability, and professionalism. Ethical compliance builds trust among investors, regulatory bodies, employees, and the public. Moreover, promoting ethics reduces the risk of fraud and financial misstatements, which can otherwise result in costly legal and financial consequences. A strong ethical culture also improves employee morale, attracting talented professionals committed to high standards.

To prevent or detect unethical behavior in the future, companies can implement internal controls such as segregation of duties, regular audits, whistleblower policies, and ethics training programs. Establishing clear channels for reporting concerns without fear of retaliation encourages employees to speak up about unethical practices, facilitating early intervention. Technology-based solutions, such as automated transaction monitoring and data analytics, can also identify suspicious activities and anomalies indicative of misconduct. These controls should be complemented by a commitment from leadership to uphold ethical standards and enforce accountability at all levels.

References

  • Healy, P. M., & Palepu, K. G. (2003). The Fall of Enron. Journal of Economic Perspectives, 17(2), 3–26.
  • Institute of Management Accountants (IMA). (2020). Statement of Ethical Professional Practice. IMA.
  • Peterson, S. J. (2017). Ethical Challenges in Financial Reporting. Accounting Perspectives, 25(4), 23–36.
  • Newsome, D., & Young, R. (2019). Corporate Governance and Ethics. Journal of Business Ethics, 154(3), 563–576.
  • Choudhary, S., & Jain, R. (2021). Internal Controls and Fraud Prevention. International Journal of Financial Management, 11(2), 110–125.
  • Association of Certified Fraud Examiners (ACFE). (2022). Fraud Prevention and Detection. ACFE Reports.
  • Rubino, G., & Roberts, K. (2018). Ethical Leadership in Accounting. Journal of Business Ethics, 150(4), 837–852.
  • Baxtor, B. (2016). Internal Controls and Risk Management. Financial Review, 51(1), 78–89.
  • Sims, R. R. (2017). Ethical Leadership in Corporate Settings. Business & Society, 56(4), 528–541.
  • Wiley, J., & Smith, D. (2019). Organizational Culture and Ethics. Management Decision, 57(1), 90–105.

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