Summary
Recent financial crises and scandals raise serious questions about the reporting mechanisms in the US financial system. They draw attention to reporting failures by various reporters -- the informational gatekeepers in the economy. These reporting shortfalls serve as sobering reminders to accounting and finance professionals of the importance of their gatekeeping responsibilities. Lessons from these reporting breakdowns may help management accountants -- the information reporters within a business -- avoid similar mistakes. This article looks at three topics: the ideal reporting environment, recent reporting failures, and lessons for management accountants. The authors encourage these accountants to protect their essential gatekeeping and trust-building tools of technical competence and professional character, and they conclude by reinforcing the importance of building and maintaining the virtues of an accountant detailed in the IMA Statement of Ethical Professional Practice of the Institute of Management Accountants. The general reporting structure and the reporter's corresponding gatekeeping duties apply to many reporting environments.
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Extract
The Gatekeepers' Tools
Recent financial crises and scandals raise serious questions about the reporting mechanisms in the U.S. financial system. They draw attention to reporting failures by various reporters-the informational gatekeepers in our economy. These reporting shortfalls serve as sobering reminders to accounting and finance professionals of the importance of their gatekeeping responsibilities. Lessons from these reporting breakdowns may help management accountants-the information reporters within a business-avoid similar mistakes.
We'll look at three topics: the ideal reporting environment, recent reporting failures, and lessons for management accountants.We encourage these accountants to protect their essential gatekeeping and trust-building tools of technical competence and professional character, and we conclude by reinforcing the importance of building and maintaining the virtues of an accountant detailed in the IMA Statement of Ethical Profe...See the full content of this document
(Copyright 2011)
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