Nobody downloaded yet

Ethical Issues in Accountancy - Essay Example

Comments (0) Cite this document
Summary
there is one and only one social responsibility of business - to use its resources and engage in activities designed to increase its profits so long as it stays within the rules of the game, which is to say, engages in open and free competition, without deception or fraud
Download full paperFile format: .doc, available for editing
GRAB THE BEST PAPER94.9% of users find it useful
Ethical Issues in Accountancy
Read TextPreview

Extract of sample "Ethical Issues in Accountancy"

Download file to see previous pages The growth of corporate visibility and influence has led to their owning ethical and moral responsibility for their products and actions and consequences thereof on society and individuals. Corporations have been accused of accounting fraud, insider trading, executive over-pay, declining pension funds or in general of corporate 'greed' and 'irresponsibility'.
The 1998 OECD guidelines for multinationals lay down responsibility towards human rights, the environment and elimination of child and forced labour. OECD code 2000 is 'the reflection in management practice of various legal, regulatory and social pressures that motivate the company to prevent abuses of market power and to redress other sorts of market failure' (OECD, 2001)
Business is faced with a challenge to improve creation of wealth for its shareholders and at the same time to meet requirements of the changed perceptions of social and ethical responsibilities, which in the short-run perspective, might not be compatible. However, with the change in stockholder awareness and scepticism, the company is also being tasked to meet its social and ethical obligations.
A specific instance is the negative impact of a company's product on the community and how far is the responsibility to be laid at the doors of management when the cause of the impact might have been due to a product marketed decades back and especially when scientific awareness of the negative impact was not known.
...
d examine the different issues involved in the above circumstances, especially in light of the behaviour of James Hardie Industries who were involved in a case based on the negative affect of the use of asbestos in its products, and how these impact the ethical issues in accountancy.
Literature Survey

Literature survey in this research is targeted at the impact of new requirements of ethics and social responsibility accounting on the basic principles of accountancy and audit functions as well as the literature available on the John Hardie Industries case. These are given as Sections I and II respectively below:

Section I

Changing expectations and skepticism of the stakeholder, places pressure on companies to accept moral responsibility for the negative impact of their products on the community even though the claims may arise from operations many decades ago.
Society is increasingly suspicious about the moves by corporations to avoid their responsibilities, which eventually leads them to bowing to pressure from a society skeptical of their protests of innocence and pretence of compassion for those who have suffered from their activities. The question therefore arises as to how far management is responsible for the negative impact of their products on the consumer and society.
"Having a corporate conscience means that a company takes responsibility for its actions just as any conscientious individual would be expected to do. In corporate terms, this means that a company is accountable to the public for its behaviour not only in the complex organisational environment but in the natural physical environment as well. A company is thus responsible for its products and for its effects on the public". (Guerrette, 1986, p 410)

It is thus essential that companies disclose ...Download file to see next pagesRead More
Cite this document
  • APA
  • MLA
  • CHICAGO
(“Ethical Issues in Accountancy Essay Example | Topics and Well Written Essays - 2500 words”, n.d.)
Ethical Issues in Accountancy Essay Example | Topics and Well Written Essays - 2500 words. Retrieved from https://studentshare.org/miscellaneous/1526243-ethical-issues-in-accountancy
(Ethical Issues in Accountancy Essay Example | Topics and Well Written Essays - 2500 Words)
Ethical Issues in Accountancy Essay Example | Topics and Well Written Essays - 2500 Words. https://studentshare.org/miscellaneous/1526243-ethical-issues-in-accountancy.
“Ethical Issues in Accountancy Essay Example | Topics and Well Written Essays - 2500 Words”, n.d. https://studentshare.org/miscellaneous/1526243-ethical-issues-in-accountancy.
  • Cited: 0 times
Comments (0)
Click to create a comment or rate a document

CHECK THESE SAMPLES OF Ethical Issues in Accountancy

Ethical Issues

...Ethical issues in Journalism Ethics is set of rules in relation with values and morals that people follow in day-to-day lives. Ethics not only used for personal purposes but also in every individual’s career or profession (Angle 44). Journalism, as one of the professions, has also set of guidelines for better execution of the profession. In line with this, there are four fundamental ethics in journalism. These include “seek the truth and report it, minimize harm, act independently, and be accountable” (U.S. Society of Professional Journalists 2). With each of these, there are more particular codes that need to be followed by journalists....
6 Pages(1500 words)Essay

Accountancy

...ignore. Though it sounds pretty logical and places a huge expectation of propriety on the shoulders of an accountant, which no doubt all seasoned members of the profession would be able to bear quite easily, the fact remains that if an accountant becomes the sole arbiter regarding issues of propriety and relevance; individual notions, biases and perspectives would start playing a decisive role in determining profits earned by an organisation during an accounting year. This lack of specificity about the definition of profit and a clear guideline as to how it should be calculated would, however, lead to some serious problems in other spheres of business and commerce. How...
10 Pages(2500 words)Essay

Ethical issues

...Abortion is often a polarizing issue. In the US and the rest of the Christian and the ‘conservative’ world, politicians and electorate bring the subject of legalizing abortion to the fore during elections which often creates a chasm between secular and non-secular members and sectors of society. In fact, the morality or immorality of abortion is so controversial that arguments with regards the issue has infiltrated the areas of ethics, science and philosophy. The issue of abortion, tackled within the boundaries of the aforesaid areas, has been confronted by Don Marquis in his ‘Future-like-ours argument with regards the morality of abortion, an assertion which was later on...
5 Pages(1250 words)Essay

Ethical Issues

...Ethical Issues The parenting Programs in US Prison Systems aim to assist male prisoners to be responsible towards their children. Besides, single parented children face innumerable number of problems in their childhood. The fathers’ role in the character development of children is noteworthy. There is high chance for a child to face problems from his/her friends, at school and in the society. The seclusion felt by a child can be reduced by incorporating different types of parenting Programs in prison systems. The Parenting Programs in US Prison Systems play an important role to reduce the distance between prisoners and their children. Thesis statement: An investigation into the Parenting Programs in US...
6 Pages(1500 words)Essay

Accountancy

...costs. None of these categories of budget figures are mutually exclusive. A budgeted cost is not always a standard cost even if a standard cost is a budgeted cost. Budgeted cost is the best tool to assess what should be allowed for any new business activity. Standard costing is a very important topic which comes under cost accounting. Standard costs reflect the effective and efficient use of available resources. Standard costing and all related variances are of extreme importance because they can be used as effective management tool. If a variance arises, managements of the organizations become attentive because they get awareness regarding the manufacturing costs as if those costs have differed from the standard costs...
7 Pages(1750 words)Essay

Ethical issues

...Ethical Issues Ethical issues arise when professional requirements in counselling (mandatory of conduct) get compromised by the circumstances that a case presents to the counsellor. A review of the case in prior preparations should reveal if anything is at stake by adoption of a particular path of action. When it is not within the counsellor’s professional jurisdiction, the counsellor looks for interventional assistance elsewhere (Sommers and Sommers, 2004). From this particular client’s case, there are two main presenting challenges touching on ethical issues. On one hand, there is accountability, while there is...
3 Pages(750 words)Assignment

Ethical Issues

...Ethical Issues Ethical Issues There are several ethical issues that must be considered by Talbots in its planned expansion. Foremost among these is the issue on human rights. Increase in their production might mean increase in labor hours for the workers. Talbots must make sure that there are no human rights violated and that they will give appropriate and fair wages to their employees. Since Talbots will be doing business globally, they will also be faced with ethical international responsibilities that go with it (Mahdavi, n.d.). They should recognize that there is a need for a uniform code of...
1 Pages(250 words)Essay

Ethical issues

...Ethical Issues Affiliation: Introduction Ethics and morals are principles about what is wrong or right. In ethics, a person does what ought to be done for the betterment of the society. Ethical and moral decisions may not favor each and every party but they are the right decisions to make and this is true in the criminal justice system (Pollock2011). In this case, the D.A is presented with a dilemma of whether to try the case or just give the burglar probation. Trying the case is a waste of time and resources because there is not enough evidence, hence, the case will be withdrawn because of lack of conclusive evidence and the burglar will walk free. On...
1 Pages(250 words)Essay

Ethical issues

...Ethical issues A human resource manager is a departmental head in charge of employing, interviewing, recruiting and allocation of staff in a company or organization. They have the responsibility of human workforce as a resource in an establishment. They are also in charge of researching backgrounds of staff, recruits and making sure that background information on staff coincides with given resumes. Their role is vital in the everyday running of an organization because they are the collar bone to which the company or organization relies on. (Mathis, 2008) The ethical issues that arise from expecting more from human resource managers as key players in an organization...
1 Pages(250 words)Article

Accountancy

..., present and future: the unifying power of history, with the key intent of seeing through the introduction of accounting the world as well as its impact in the development of accounting. This is one of the authoritative sources in the discipline of accounting. It focuses on the issue of advocating past but critical histories that have significant influence in accounting research (Carnegie & Napier, 2012). Furthermore, its credibility is enhanced by the encompassed ideas and stimulating insights that are effective in contributing to the unifying power in the accounting discipline. Actually, this also enhances originality. Founded in...
2 Pages(500 words)Assignment
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 Ethical Issues in Accountancy for FREE!

Contact Us