Explain the objectives and characteristics of an internal accounting system

You are the manager of an accounting department and would like to hire another managerial accountant to focus on internal accounting. The chief executive officer (CEO) is not convinced that a managing accountant position is needed. Prepare a 2-page memo for the CEO on the following:

·         Explain the objectives and characteristics of an internal accounting system.

·         Include an explanation of the importance of this information to the company.

·         Include an explanation of ethics in business and the managerial accountant's role inupholding the code of ethics.

Grading Criteria	Percentage
Objectives and characteristics of an internal accounting system	35%
Importance of internal accounting information to the company	35%
Ethics in business and the managing accountant's role	30%