Health Care Case Study: Financial Statements Hcs/405 Essay
November 7, 2011
Financial Reporting Practices and Ethical Standard In health care finance keeping financial documents have become more detailed and the need for accuracy has increased and many guidelines have been established to ensure there are competencies, and ethical standards are upheld in financial management in health care organizations (Paul, 2008).
The Four Elements of Financial Management Health care organizations and other organizations require an array of management actions to operate effectively (Baker & Baker, 2010). To accomplish these actions the four elements of financial management must take place. The financial …show more content…
Ethical Standards in Financial Reporting Several administration agencies strive to create a more standardized and ethical standards in financial practice, such as the U. S. Securities and Exchange Commission (SEC) the Financial Accounting Standard Board (FASB), and the Public Company Accountant Oversight Board (Morneau, 2008). SEC was established in 1934 to ensure the stability of the market to protect investors and to ensure that organizations disclose their accurate financial information (Morneau, 2008). The FASB, work generally with the private sector to establish standards that regulates financial accounting and reporting (Morneau, 2008). The PCAOB establish auditing procedures and verification standards, and quality