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Business ethics and/or social responsibility - Essay Example

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World Com, Global Crossing, Tyco, Adelphia, and Enron were some of the companies which underwent fatal financial misconduct. Accounting scandals of these major…
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Business ethics and/or social responsibility
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Business ethics and/or social responsibility

Download file to see previous pages... Organizations should develop their own code of conduct to maintain reasonable social standards. This code of ethics is the basic principles of conduct that individuals are bound to maintain as managers, staff, and employees, and shareholders in order to accomplish the business objectives by ensuring the betterment of the community and company’s Human Resource.
However, business ethics is often misunderstood as legal compliance. Abiding by law is rather easy because it clearly states the requirements that an organization must meet. In contrast, ethical decision always demands careful assessment of prevailing situations and consequences. Code of ethics will not change as the firm’s natural and technological environment change. It always inspires organizations to do what is right other than what is appropriate to the situation.
In addition, organizations have to heed genuine concern to the effect of each decision on the environment, community, employees, and customers. People are interested to join organizations which are having high level of ethics and social responsibility (Daft R L., 393).
Interests in business ethics was fueled as an immediate result of American corporate scandals. Subsequently, The Public Company Accounting Reforms Act was passed in the US congress in 2002 in order to control over the auditing in public companies. The Act is also known as Sarbanes-Oxley Act (SOX). The legislation was to enhance confidence in investors, and to enforce strict and authentic audit control that would prevent corporate misconduct (Ge Weili & McVay S., 2005). However, efforts of corporate governess have been misguided by numerous factors since the implementation of SOX. According to Markham J W (2006), organizations today are struggling with massive law suits and unaffordable amounts in attorney fees in order to comply with the ...Download file to see next pagesRead More
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