Controlling is the managerial activity of monitoring a plans implementation and

Controlling is the managerial activity of monitoring

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requires setting objectives and identifying methods to achieve those objectives. Controllingis the managerial activity of monitoring a plan’s implementation and taking corrective action as needed. Control is usually achieved with the use of feedback, which is information that can be used to evaluate or correct the steps being taken to implement a plan. (Slide 18)Continuous improvementrequires firms to continually improve their performance to remain competitive or to establish a competitive advantage. Decision makingis the process of choosing among competing alternatives.(Slide 19)Next let’s discuss ACCOUNTING AND ETHICAL CONDUCTTypes of ethical issues include abuse of accounting information, acceptance of bribes or gifts, conflict of interest, and disclosure of confidential information. Furthermore, the ten core valuesof ethical conduct include honesty, integrity, promise keeping, fidelity, fairness, caring for others, respect for others, responsible citizenship, pursuit of excellence, and accountability.(Slide 20)Accordingly, there are Standards of Ethical Conduct for Management AccountantsProfessional associations often provide a well-defined set of ethical standards, which help define acceptable and unacceptable behavior. A hallmark of a profession is a code of ethics. The four standards of the IMA’s code of ethics are (1) competence, (2) confidentiality, (3) integrity, and (4) credibility. (Slide 21) There are various CERTIFICATIONS internal accountants may earn including; 4
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the Certified Public Accountant (CPA), Certified Management Accountant (CMA) or Certified Internal Auditor (CIA) designations. The responsibility of the CPA is to provide assurance concerning the reliability of financial statements. The CMA designation was established to help management accounting to be recognized as a professional discipline separate from the profession of public accounting. The focus of the CIA is to recognize competency in internal auditing rather than external auditing. 5
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