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It is also significant because it changed the rules businesses had to play by. Now, they have to answer to a public oversight board run by the government, so the stakes are a lot higher if they act in ways that are unethical.
Some other ways the Act changed business is in the ways it eliminated conflicts of interest with auditors, and in the enhanced protection it allowed for whistle-blowers, which “prohibit the employer from taking certain actions against employees who lawfully disclose private employer information” in the case of fraud (Ferrell, Fraedrich, Ferrell, 105).
Three of the public oversight board’s duties are the registration of public accounting firms, the inspection of accounting firms, and the enforcement of compliance with accounting rules of the board, professional standards, and securities laws relating to the preparation and issuance of audit reports and obligations and liabilities of accountants (Ferrell, Fraedrich, Ferrell
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According to the task, these ethics can be explained in many different theories of ethics that include virtue ethics, rationality, utilitarianism, communitarianism, social ethics and normative ethics. Hence, international business ethics and corporate governance can be explained in various ways (Casson 95).
Business ethics are rules as well as standards which an organization is required to follow while performing its activities or operations. It mainly consists of moral standards which vary among organizations and it also helps in determining the right and the wrong decisions.
For example, according to the limited knowledge of the researcher, Magna Carta of 1215 was the first legal reference for ethics in UK (Holme, 2008). However, magnitude of importance for ethical perspective of business operation has been increased manifold in recent years after the financial scams by corporate such as Enron, Lehman Brothers, Worldcom, Nortel and many others came to the light.
Business ethics theories are often adopted by organisations seeking to curb practices that are deemed as corrupt. They usually have moral principles that organisations can implement to make sure that all the workers operating in the company conform to accepted codes of behaviour
Examples of ethical issues concerning three different issues have been explained along with their alleged law suits that have flagged these issues in the United States.
Business ethics are the moral eternal, abstract, and the
To some, the suggestion that an orderly and analytical process of decision making, not only on a personal level – but more so in business, should include the discussion of highly controversial ethical issues, about which
The other group of business people takes it as avoiding activities that portray bad image of the company. If the above are not considered as business ethics the business institutions may suffer loss or may earn the business bad reputation.Business people believe that if good business ethics are adhered to then the business will experience an upward trend with a lot of profit.
A similarity between ethics in the United States and ethics in Asia is that they address a variety of similar factors such as pollution, corruption, fraud and contracts among others. Although approaches to dealing with
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