What is it?
Checklist / Best practice
This is a checklist of reflective questions relating to the management of ethics. It is designed to provide organisations and individuals with an overview of how well ethical management practices are embedded in their organisations.
The questions cover areas such as: ethical statements and codes of conduct; training; collection of ethical data; reporting of ethical issues; and support when faced with ethical dilemmas.
What benefits does the ethical management reflection checklist provide?
With the importance of ethics and non-financial reporting rising on the global agenda, organisations need to be managing their business responsibly. Increasingly, they are also being required to demonstrate and verify what they are doing to ensure this.
The ethical management reflection checklist helps to reinforce your professional code of ethics in the workplace by highlighting strengths and weaknesses within your organisation.
Questions to consider when using the checklist
- Where will you get the information from?
- Who will you involve? Is this part of a larger assessment?
- Who will you share the information with afterwards and how will it best be used?
|Actions to take / Dos||Actions to Avoid / Don'ts|
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CGMA designation holders are dedicated to upholding the highest standards of ethics and integrity. They are governed by the professional code of conduct of their issuing body, which is the AICPA or CIMA.
The principles underlying both professional codes are similar and are built on the following core principles:
A case study has been developed using the fictitious Megatron Corporation, a large public company, to illustrate the navigation of ethical dilemmas, highlighting issues relating to non-disclosure at the corporate level that come to the attention of non-executive financial managers and controllers.
Taking the viewpoint of the corporate controller, the case focuses on the discovery, reporting and resolution of disclosure issues created by the actions of other employees, executive officers or directors.
The facts of the case cover issues of integrity, objectivity, confidentiality, internal accounting controls, and the procedures for investigating and reporting irregularities. As the corporate controller, you must consider these facts and formulate an appropriate response.
Code: CIMA Code of Ethics
Checklist: Ethical reflection checklist
‘If a business has its doors open, then it is managing risk in some way. However, that does not mean the organization has an enterprise-wide, holistic and strategic approach to risk management.’
Mark S Beasley PhD, Director, ERM Initiative at North Carolina State University, January 2012