Reporting Practices and Ethics Paper

967 Words4 Pages
Reporting Practices and Ethics
Andy Hall
August 30, 2011
Darrell Watts

Reporting Practices and Ethics
Proper, precise, and ethically sound financial management and reporting is required of all healthcare organizations. According to Wisconsin Government (1994), “agencies are required to have an effective financial management system as a condition of receiving federal funds. Federal and state rules and regulations establish several criteria that the financial systems of agencies receiving funds must meet” (Basic Elements of an Effective Financial Management System, para. 1).
Throughout this paper a summary of the four elements of financial management will be discussed. A summary of generally acceptable accounting
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An organization’s top management most often conducts strategic planning” (Web Books Publishing, 2010, para. 4-8). Tactical planning is designed to provide specific means which help with the proper implementation of strategic planning. Operational planning is designed to provide specific steps and actions to be taken in order to achieve strategic and tactical planning (Web Books Publishing, 2010).
Organizing requires management to develop a structure that allocates resources needed to achieve the organization’s objectives concerning financial management. Along with this concept there is specific direction that needs to be given to each employee regarding their specific contribution to the overall objective. Without proper guidance the proper jobs will not be achieved and the organization will ultimately lose money and revenue.
Management must ensure control over each objective by maintaining and ensuring that performance does not veer away from standard. “Controlling consists of three steps, which include (1) establishing performance standards, (2) comparing actual performance against standards, and (3) taking corrective action when necessary” (Web Books Publishing, 2010, para. 17). Performance measurement can be done in several different ways. There may be the use of financial statements, performance appraisals, customer satisfaction reports, or sales and production results. Two control techniques also
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