ACCA109 Chapter 5 - Corporate Governance, Business Ethics, Risk Management and Internal Control PDF

Preview

Summary

Define “Ethics”.  The custom or the character that influence the actions and decisions (wrongness or rightness) of a person or a group. This embodied the question “how a person or a group ought to act?” What is the basic purpose of a code of ethics for a profession?  Name and explain the character...

Description

1. Define “Ethics”.  The custom or the character that influence the actions and decisions (wrongness or rightness) of a person or a group. This embodied the question “how a person or a group ought to act?” 2. What is the basic purpose of a code of ethics for a profession?  3. Name and explain the characteristics and values associated with ethical behavior.  Integrity  Honesty  Trustworthiness and promise keeping  Loyalty (Fidelity) and Confidentiality  Fairness and openness  Caring for other  Respect for others  Responsible citizenship  Pursuit of excellence  Accountability 4. Explain why ethical behavior is necessary. 5. What are some of the reason why people act unethically?  The person’s ethical standards are different from those of society as whole.  The person chooses to act selfishly. 6. Describe some of the principles and or values that are related to  Personal Ethics o Basic Justice, Fairness o Respect for the right of others o Concern for the right of others o Concern for the well-being on welfare of others o Benevolence, Trustworthiness, honesty o Compliance with the law  Professional Ethics o Integrity, impartiality, objectivity o Professional competence o Confidentiality o Professional behavior o Avoidance of potential or apparent conflict of interest  Business Ethics o Fair competition o Global as well as domestic justice o Social responsibility o Concern for environment 7. Explain why ethical behavior is necessary in the practice of one’s profession....