Essay Sample on Saint Leo's Core Value of Integrity on Managerial Accounting

Saint Leo’s value on integrity is the dedication of Saint Leo University to high-quality requisitions that its members convey its mission and its objectives (Elwick, 2019). The concept of integrity is essential in managerial accounting as it ensures honesty, a key aspect in organizational management and operations. It is useful in managerial accounting in many ways. Firstly, a company can quickly get loans because of its integrity and honesty. In most cases, lenders use the creditworthiness of the details provided by the financial statements (Emmanuel & Olajide, 2018). When information is reliable and truthful, lenders would have to take lower risks in offering loans, unlike when the data is unreliable.

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Secondly, integrity aids in the assessment of the tax liability of a company. An organization pays taxes based on the statistics provided by its financial statements. Such information with relevance to tax may include the revenue taxes paid on the gross income of a company, payroll taxes accruing on the amount paid to employees, and the income tax paid on the organization’s profit (Emmanuel & Olajide, 2018). As such, integrity provides for the civic responsibility of a company.

Besides, integrity helps in the determination of the business scale. For instance, when selling a business, the potential buyer may want to make use of the information relayed on the financial statements to create a viable decision as to whether the company is worth the amount to be paid for (Emmanuel & Olajide, 2018). Therefore, the honesty of the information provides the buyer with accurate knowledge and understanding of the business scale. Again, honesty aids the smooth operation of the company activities. Inevitably, precise information on financial statements ensures effective decisions are made according to the company’s performance in terms of profits and losses.

References

Elwick, A. (2019). The purpose of university value statements. In Values of the University in a Time of Uncertainty (pp. 61-73). Springer, Cham.

Emmanuel, O. G., Enyi, E. P., & Olajide, D. S. (2018). Forensic accounting techniques and integrity of financial statements: an investigative approach. Journal of African Interdisciplinary Studies (JAIS), 2, 3.

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