Response 1:
When financial reporting is done poorly by financial institutions, it can be the major factor leading to or bring fourth a major financial crisis and lack of trust within that sector of business.  Financial reporting is critical to the business and establishes trust and transparency.  When investors and stakeholders loose confidence in a business it can dry up the financial support. 

A managers responsibility regarding ethical financial reporting understands and respecting the responsibility of financial reporting is not negotiable.  Leading and reporting with truthfulness, integrity, fair presentation and freedom from bias, prudence, consistency, completeness and comprehensibility (Jubb, 2017).

Some challenges a manager might face in ensuring ethical accounting and financial analysis practices is establishing boundaries that prevent professional and personal interest from appearing, confidentiality of their employer and staying within the boundaries of the law. Another major issue a manager may face is balancing ethics and fulfilling the needs of the employer.  When your main goal is to maximize earnings, this goal can present unethical ways to make or exceed this goal (Gallup, .  If a manager feels that their employer is acting unethical, they can report their company to the authorities without fear of loosing their job.  Whistleblowing is another challenge managers can face, but they are also protected b federal law. 

References

Jubb, Guy. October 16, 2017. Role of the manager in responsible financial reporting
https://www.ftadviser.com/Articles/2017/10/16/Opinion-Guy-Jubb
 

Gallup, Betsy. 2019 “Business Ethics for a Finance Manager.” Small Business – Chron.com,
http://smallbusiness.chron.com/business-ethics-finance-manager-20490.html.