Response 2:
A manager has responsibility to various stakeholders in the organization. These stakeholders are employees, shareholders, customers, and community. However, when it comes to financial reporting, the information is of main concern to the shareholder/investors of the organization. The shareholders and investors make critical decision based on financial reports and naturally if the information on the report is incorrect, there could financial loss and damage to the investors. This situation goes against the ethical principle of non-maleficence. As a result, a manager has the ethical responsibility to report financial information on time and accurately.
The main challenges that a manager may feel when reporting financial information is that the accuracy and timeliness of the information may be quite subjective to different parties. The challenges arise in dealing with the various teams, their interests and finally the interest of the supervisors.
A manager is likely under pressure from supervisors to report an attractive picture about the financial situation of the company. At the same time, there may be an attempt from the subordinates to image management where they attempt to present a better than actual numbers on their financial report. As a result, the manager may need to verify the numbers that he/she receives from subordinates and also provide a factual report to the supervisors. These are the challenges that a manager usually face while reporting financial matters.
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Response 2A manager has responsibility to various stakeholders .docx
1. Response 2:
A manager has responsibility to various stakeholders in the
organization. These stakeholders are employees, shareholders,
customers, and community. However, when it comes to
financial reporting, the information is of main concern to the
shareholder/investors of the organization. The shareholders and
investors make critical decision based on financial reports and
naturally if the information on the report is incorrect, there
could financial loss and damage to the investors. This situation
goes against the ethical principle of non-maleficence. As a
result, a manager has the ethical responsibility to report
financial information on time and accurately.
The main challenges that a manager may feel when reporting
financial information is that the accuracy and timeliness of the
information may be quite subjective to different parties. The
challenges arise in dealing with the various teams, their
interests and finally the interest of the supervisors.
A manager is likely under pressure from supervisors to report
an attractive picture about the financial situation of the
company. At the same time, there may be an attempt from the
subordinates to image management where they attempt to
present a better than actual numbers on their financial report.
As a result, the manager may need to verify the numbers that
he/she receives from subordinates and also provide a factual
report to the supervisors. These are the challenges that a
manager usually face while reporting financial matters.
