Nobody downloaded yet

Business Ethics : Fraud of the century - Essay Example

Comments (0) Cite this document
Ethical standards are often found to be failing because of their vagueness and undefined nature. It is important that all necessary ethical behaviours are documented and provided to all employees in writing. …
Download full paperFile format: .doc, available for editing
GRAB THE BEST PAPER95.8% of users find it useful
Business Ethics : Fraud of the century
Read TextPreview

Extract of sample "Business Ethics : Fraud of the century"

Download file to see previous pages Ethics and values are the very foundations on which businesses survive. Organisations that follow ethical business practices have more chances of getting benefitted in the long run. History is abounded by the cases of unethical businesses failing like pack-of-cards. Many call business ethics a subjective issue leaving a space for varying conduct and interpretation by business managers. Business owner or employer needs to identify those ethical conflicts in the particular business setting and resolve them for the benefit of business and company itself and should be aimed at reinforcing those values across the company workforce to create healthy work environment.
Businesses face many ethical challenges in the 21st century. In the following paragraphs, an attempt is made to outline key Ethical challenges facing businesses and the steps that are necessary to stem the root.
Misguiding Product Information and Unethical Advertising
Profit is an aim of all organisations but when means become unethical to achieve the objective than it becomes a concern for all. Product and quality ethics are important in business. Consumer buys particular product reading details written on its package regarding weight, ingredients, manufacturing, expiry date and many other details and trust them fully. Manufacturers often write on packaging ‘no artificial ingredients’ and this has become a common cliché to convey buyers that the company cares for consumer health. ‘No artificial ingredients’ means that the product contain all natural ingredients; however, on scrutiny it has been found that product is prepared using hydrogenated vegetable oil. Hydrogenation is an artificial process done at high temperature using nickel, a metal catalyst, altering the nature of vegetable oil. The altered product is known as trans fats that is a major contributory factor behind spread of cardiovascular disease. Consumers buy the product in good faith. Such practice is surely an unethical behaviour on part of companies. Similarly, deceptive advertising along with misinformation is also a part of unethical behavior (Hogg, 2011). Violation of State Laws Asking employees to do unethical acts in the violation of state or moral laws is certain an unethical activity. For example, child labour is unethical and many companies use them to save on their costs. This is also an example of immoral act (BBC, 2010). Accounting Manipulation and Fraud Financial fudging and accounting manipulations are quite infamous to over or under report operating income causing huge losses to shareholders. The WorldCom case is well known in this respect. The company reported its line cost by capitalizing it over many years and thus reported profits misguiding its investors and creditors. Finally, the company became bankrupt causing huge loss to the investors and creditors (Romar and Calkins 2006). A famous case of Enron is worth mentioning here that began with many unethical practices including account fudging to misguide the gullible investors. Eventually, the company failed registering bankruptcy under chapter 11 (Ackman, 2001). Unequal Remuneration and Lack of Transparency Unequal remuneration based on gender or racial consideration is another area where companies behave unethically. Lack of transparency in company policies and discriminating behaviour may cause conflict across all levels and stunts the growth of organization. Creating Ethical Culture Creating ethical behaviour is a need of the 21st century for the healthy growth and progress of the company. That is the only way company can sustain its operations and survive in the long run. The unethical behaviour is noticed by all including investors, customers, creditors and employees themselves and it creates a detrimental effect on the functioning and operations of the company. Code of Ethics In order to enforce ethical behaviour, companies must have a code of ethics to create an ethical culture within organisation. ‘The Code of Ethics’ ...Download file to see next pagesRead More
Cite this document
  • APA
  • MLA
(“Business Ethics : Fraud of the century Essay Example | Topics and Well Written Essays - 1000 words”, n.d.)
Business Ethics : Fraud of the century Essay Example | Topics and Well Written Essays - 1000 words. Retrieved from
(Business Ethics : Fraud of the Century Essay Example | Topics and Well Written Essays - 1000 Words)
Business Ethics : Fraud of the Century Essay Example | Topics and Well Written Essays - 1000 Words.
“Business Ethics : Fraud of the Century Essay Example | Topics and Well Written Essays - 1000 Words”, n.d.
  • Cited: 0 times
Comments (0)
Click to create a comment or rate a document

CHECK THESE SAMPLES OF Business Ethics : Fraud of the century

Business ethics

.... The law may prohibit a business from killing, fraud or harassments. Therefore, a business is expected to set ethical guidelines that coincide with the law. Business ethics should be set alongside the laws that govern a country. This will avoid a crisis between the businesses any arm of the law. Businesses have a moral obligation to serve the society at large. This factor should be viewed as an external one different from the two mentioned earlier. The moral obligations are well elaborated on five principles of harm, fairness, human rights, autonomy and veracity principle. Any business...
4 Pages(1000 words)Research Paper

Ethics and Insurance Fraud: Property Damage Fraud

...Ethics and Insurance Fraud: Property Damage Fraud The case scenario: The Shady Grove Tree Company, owned by Bill Withers, specializes in storm damage clean up. They attend to trees after wind, rain, tornadoes, lightning storms, flash floods or any typical tree work in residential yards after any type of storm. They also take down trees in residential and commercial property and adjacent trees when the homeowners request it. They trim trees off of power lines and near homes to prevent any type of damage by fallen trees. During their slow season, when calls don’t normally come in for work, they sometimes have to go out and make contact with local residents and...
4 Pages(1000 words)Essay

Business Ethics & Professinal Ethics

...Ethical It is important to have a professional ethical These s help dictate ethical practices for all matters of business. My professional ethical code will revolve around justice, since I wish to become a police officer or a FBI agent. In this paper, I will describe a professional code that will best serve a police officer or a FBI agent. The code I will present is based on a personal code. Even if some of my ethics coincide with present ethical codes, these codes are what I feel should be implemented in my field of profession. Core Value My core value would be justice for all. This is a broad core value, but...
5 Pages(1250 words)Essay

Ethics, Fraud and Abuse in Health Care

...Introduction The role of ethics, fraud and abuses in healthcare industry has been widely acknowledged and such issues have become exceedingly controversial among the media and common public. Healthcare practices and interventions have been offered by different organizations having their own ideologies and interests. Previous studies and researches have emphasized the relation between ethical principles and patient’s rights. Malpractices and mismanagement in healthcare industry have often been highlighted and this emphasizes the need to maintain ethical codes and principles in various healthcare programs. Healthcare fraud and abuses have showed an...
6 Pages(1500 words)Essay

Statute of Frauds

...Statute of Frauds Statute of Frauds, also known as contract, is an agreement between two or more parties to create reciprocal obligations enforceable at law. A contract has two elements which are mutual assent and consideration. In most of the States, types of contracts implicate the statute of frauds are land, suretyships, consideration of marriage, goods over a certain amount of money, and contracts that cannot be performed within one year. In contrast, North Carolina has statutory limitations periods for Civil and Personal Injury Actions. For example; medical malpractice actions that must be commenced within three years of the act or omission giving rise to the injury, or within two...
1 Pages(250 words)Essay

Ethics in Organizations: On Witnessing a Fraud

...Ethics in Organizations: On Witnessing a Fraud 1. There are two ethical problems in this case. Identify both issues. Which one is a relatively simple problem and which one is a complex problem? Joe’s Supervisor is asking him to commit fraud and the other issue is subtle bribery as a reward for cooperation. The fraud is a simple ethical problem to detect for it was blatant. Joe knew that the surge had only fried a few underground wires and computer circuits, which would have to be replaced at about a cost of $15,000 and being asked to dig up nearly all the under-ground and cable, then dispose of it before the insurance adjuster arrived to have a repair job that would come to $600,000 is a glaring fraud and easier to refuse... . But the...
2 Pages(500 words)Essay

Ethics and Small Business: Fraud and White Collar Crime

...Ethics and Small Business: Fraud and White Collar Crime Introduction Officials in respectable positions in s and occupations fall into temptations of engaging in irregular practices that amount to criminal offenses in the line of their daily operations. These official jobs are usually referred to as white collar jobs, thereby implying that the criminal liability in this class of operations is referred to as white collar crime. Business officials likewise fall into this category of officials likely to be subjected to the challenges of veering off the temptations to engage in these practices of misconduct (Friedrichs, 2002). It therefore follows that business management faces a number of issues regarding the conduct of employees... evasion and...
12 Pages(3000 words)Research Paper

The Role of Ethics From Different Perspectives

...). From the Perspective of Globalization. Ethics for the 21st Century, September 21-22, 2001. (SHS-2OWWS/14). Retrieved February 25, 2012 from UNESCO Headquarters, Paris, Division of Human Sciences, Philosophy and the Ethics of Science and Technology website: Ethics for the 21st Century (2001 September 21 – 22). Retrieved February 25, 2012 from UNESCO Headquarters, Paris, Division of Human Sciences, Philosophy and the Ethics of Science and Technology website: Lis, M. and Cañavate, J. (n.d.). Ethical Reflections on Technology....
6 Pages(1500 words)Research Paper

Fraud the signing of transactions. The fate of the misappropriated funds cannot be confirmed by the prosecution until the end of the investigation. Likewise, it is unclear at this point what steps will be taken to avoid this kind of fraud in the future. In my opinion, the types of organizations that are most susceptible to fraud are large organizations like this UAE bank. The size of an organization can make identifying fraud a difficult and expensive process, and provides more of an opportunity to "hide" fraudulent activity. Also, since these large businesses are somewhat anonymous, it might be less of a moral problem to commit fraud. Though in this case,...
1 Pages(250 words)Essay

Ethics in the 21st Century

...century is a result of such case. Ethics of 21st century has a lot of considerations. It is stated that in 21st century ethics is not an option but compulsion. Besides holding the characteristics of competence, experience and intelligence, people at every level need ethical values. Those values predict their future behavior and performance. Rushworth M. Kidder, (2001) states that the principle task of 21st century decade is the creation and nurturing of a value- based culture which means that the ethics of this century are morally strong and follow strict ethics, he was...
4 Pages(1000 words)Research Paper
sponsored ads
We use cookies to create the best experience for you. Keep on browsing if you are OK with that, or find out how to manage cookies.

Let us find you another Essay on topic Business Ethics : Fraud of the century for FREE!

Contact Us