ethical management reflection checklist

CGMA Ethical Management Reflection Checklist

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
  • Reflect on your professional obligations from your code and how your company’s policies reflect this, for example, on the issue of integrity
  • Try to engage others in the process over answers you aren’t sure about. There is often valuable information elsewhere in the business
  • Once you have your findings, use market information to compare your position with others to understand strengths and weaknesses
  • Don’t compromise your professional obligations in undertaking your work
  • Never assume answers without involving others (for example, HR, risk and procurement). Processes may not be communicated well, which is also a critical gap
  • Don’t ignore red flags. For example, if you find your organisation has no anti-bribery policy, or if it states commitments that it doesn’t undertake, take action and escalate



In practice:
CGMA Ethical Management Reflection Checklist


Download the full case study

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:

  • Integrity and objectivity
  • Professional competence and due care
  • Confidentiality
  • Professional behaviour and conduct

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.