A constraint (also called a bottleneck) adalah segala hal yang mencegah anda untuk mencapai tujuan anda.  Theory of Constraints didasarkan pada pengamatan bahwa kunci keberhasilan diperoleh apabila kendala dikelola secara efektif

The constraint in a system is determined by the step that has the smallest capacity.

Six Sigma

Sebuah metode peningkatan proses dengan mengandalkan pada customer feedback dan data yang diperoleh dan telah dianalisis untuk meningkatkan proses perbaikan
  • Refers to a process that  generates no more than 3.4 defects per million opportunities.
  • Sometimes associated with the term zero defects.

Learning Objective 3

Understand the  importance of upholding ethical standards

Code of Conduct for Management  Accountants

All Professional Management Accountants Bodies issue their own Code of Conduct but they all share similar fundamental principles and conceptual approaches as the one issued by the Institute of Management Accountants.

The Institute of Management Accountants’ (IMA) Statement of Ethical Professional Practice consists of two parts that offer guidelines for: 
 Ethical behavior.
 Resolution for an ethical conflict.

IMA Guidelines for Ethical Behavior
IMA Guidelines for Ethical Behavior



Follow employer’s established policies. 
For an unresolved ethical conflict: 
 Discuss the conflict with immediate supervisor or next highest uninvolved manager.
 If immediate supervisor is the CEO, consider the  board of directors or the audit committee.
 Contact with levels above the immediate supervisor should only be initiated with the supervisor’s knowledge, assuming the supervisor is not involved.
 Except where legally prescribed, maintain confidentiality.
 Clarify issues in a confidential discussion with an objective advisor.
 Consult an attorney as to legal obligations.
Why Have Ethical Standards?
Why Have Ethical Standards?
Company Codes of Conduct

Codes of Conduct on the International Level

The Code of Ethics for Professional Accountants, issued by the International Federation of Accountants (IFAC), governs the activities of professional accountants worldwide.

In addition to integrity and objectivity, resolution of ethical  conflicts, competence, and confidentiality, the IFAC’s code deals with the accountant’s ethical responsibilities in:
Taxes,
Independence,
Fees and commissions,
Advertising and solicitation,
Handling of monies, and
Cross-border activities. 
Corporate Governance

The Sarbanes-Oxley Act of 2002

The Sarbanes-Oxley Act of 2002 was intended to protect the interests of those who invest in publicly traded companies by improving the reliability and accuracy of corporate financial reports and disclosures.  Six key aspects of the legislation include:
  1. The Act requires both the CEO and CFO to certify in writing that their company’s financial statements and disclosures fairly represent the results of operations.
  2. The Act establishes the Public Company Accounting Oversight Board to provide additional oversight of the audit profession.
  3. The Act places the power to hire, compensate, and terminate public accounting firms in the hands of the audit committee.
  4. The Act places restrictions on audit firms, such as prohibiting public accounting firms from providing a variety of non-audit services to an audit client.
  5. The Act requires a public company’s independent auditor  to issue an opinion on the effectiveness of the company’s internal control over financial reporting to accompany   management’s assessment, and both are included in the  company’s annual report.
  6. The Act establishes severe penalties for certain behaviors, such as:
    • Up to 20 years in prison for altering or destroying any documents that may eventually be used in an official proceeding.
    • Up to 10 years in prison for retaliating against a “whistle blower.”

Enterprise Risk Management

Sebuah proses yg Digunakan oleh perush untuk secara aktiv Mengidentifikasi dan Memanage resiko.
Once a company identifies its risks, perhaps the most common risk management tactic is to reduce risks by implementing specific controls.
Corporate Social Responsibility

Sustainability Reporting

Global Reporting Initiative (GRI)
•promotes a systematic  and standardized approach
o to corporate social responsibility and embed it in corporate culture;
o to stimulate demand for sustainability information;
thus benefitting both reporting organizations and report users.

International Federation of Accountants (IFAC) Sustainability Framework
•Organizations should
o achieve a “Triple Bottom-Line”
 financial, social, and environmental goals  (or 3Ps: Profit, People, and Planet)
 promote a sound corporate governance and ethical responsibility to ensure financial success through ethical operations and  transactions;
promote cultural diversity and equality;
provide opportunities for social and economic development of the communities; and
minimize environmental damages, and provide a safe working and living environment for the communities.
Sustainability Reporting
Sustainability Reporting

Professional Qualification of Management Accountants

• Traditional accounting qualifications e.g. Chartered Accountants (ACA), Certified Public Accountants (CPA) and Chartered Certified Accountants (ACCA)
• Management accountants qualifications, e.g.:
Professional Qualification of Management Accountants
Professional Qualification of Management Accountants

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