StudentShare
Contact Us
Sign In / Sign Up for FREE
Search
Go to advanced search...
Free

Ethics and Business - Research Paper Example

Cite this document
Summary
Ethics and Business
Name
Institution
Ethics are the moral standards and codes of conduct that society uses to judge human behavior. Ethics span around many careers and fields since they guide the people in different operations…
Download full paper File format: .doc, available for editing
GRAB THE BEST PAPER92.6% of users find it useful
Ethics and Business
Read Text Preview

Extract of sample "Ethics and Business"

Ethics and Business Ethics are the moral standards s of conduct that society uses to judge human behavior. Ethics span around many careers and fields since they guide the people in different operations. Without professional codes of conduct, people in various fields will not work efficiently and effectively as they will not have any rules to govern and control their operations. One field in which ethics are applied is in the field of business spanning from accounting to auditing. Ethics and professionalism are currently applied in various organizational settings and in many emerging issues of the business world.

It is necessary for businesses to be governed by ethics, but this is a two way traffic affair since accounting and auditing standards also impact on ethics. Apart from these two business tenets, emerging issues and the business environment also have an effect on the ethics of business operations (Houghton, 2005). Business ethics refers to the moral rules and codes of conduct that govern business procedures. These rules also govern the manner in which business managers make decisions concerning organizational matters.

Ethics and regulations in the business are related because ethics govern the manner in which business regulations are done. Therefore, regulations in business impact on ethics because when establishing business ethics of a particular company, the management puts into consideration the regulations that may arise in the course of business procedures. For example, the day to day running of the business enterprise requires that managers and supervisors regulate the functions of different workers and the manner in which the organization conducts business with other companies.

This has to be governed by ethics or else there impartiality in the business regulations will be lacking. Failure to conduct regulations with no ethics in place may lead to unfavorable results in the business operations. Managers are expected to stick to the required moral standards without subscribing to cronyism, favoritism and tribalism (Houghton, 2005). The establishment of business ethics is also affected by accounting since the accounting profession requires that noteworthy ethics are in place.

Accounting ethics are established for accountants who are in high ranking corporations so that they can perform their duties with utmost integrity, transparency and honesty. Whenever accountants do not act in an ethical manner or when they violate principles of conduct and ethics, business shareholders are likely to be harmed. This will terminally lead to business mal-performance and collapse. Therefore, it is important for businesses to ensure that ethics are established in a manner that is in tandem with the accounting procedures of an organization.

The challenge that faces the establishment of ethics in accounting is when personal ethics and business ethics conflict (Spencer, 2009). Many accounting corporations have got a bad reputation in their business operations just because of the manner in which they conduct their operations. Money generation is not wrong in any business setting, but the manner in which accounting firms makes the money matters since there are questions on ethical behavior by society. Therefore, proper ethics are important in accountant since accountants are sensitive to matters concerning their clients, for example, account numbers and matters on social security.

As a result of following the business ethics, accounts will have considerable power in matters concerning their clients, and this will protect the clients from external aggressors. The consequence of this will be that the accounting firm will prosper and continue to flourish. Without applying ethics in accounting, many negative consequences are likely to result in a business organization. For one, a lag in business in the business procedures can occur. Secondly, when news go around concerning poor business ethics in an accounting firm, prospective clients are likely to be swayed away from the accounting firm (Spencer, 2009).

The focus of business ethics on accounting has been enhanced in the current world so that many accounting organizations in America have published accounting codes of ethics. Two such organizations, the American institute of Certified Public Accountants (AICPA) and the Institute of Management (MIA) have all published codes of ethics for all their members. Auditing standards are also expected to subscribe to ethical standards in their business operations so that success can be realized. The International Standards on Auditing govern the performance of all financial audits in various corporations.

If an auditor does not follow professional codes of conduct, he is likely to give wrong and inaccurate financial figures which would impact negatively on the manner in which the public views the business organization. Most financial audits are conducted on large organizations and public sectors. Failure to stick to professional codes of conduct would lead to generation of wrong values which may mislead major stakeholders and the public as a whole. It is, thus, important for financial auditors to adhere to the required auditing guidelines and practice honesty and truthfulness.

Organizations that do not follow ethics efficiently and effectively need to be suspended or terminated so that business performance is not affected. The contemporary business world is dynamic in its manner of operation. In order to counter this business dynamism, it is necessary to have ethical guidelines. Businesses are like members of the society since they interact with people and impact on the environment. All these changes in the business environment, thus, need to be governed by business ethics (Kaplein, 2009).

References Houghton, T. C. (2005). Ethics and auditing. New York: ANU E Press. K. H. Spencer Pickett, J. M. (2009). The Internal Auditing Handbook. New Jersey: John Wiley and Sons. Kaptein, S. P. (2009). Ethics management: auditing and developing the ethical content of organizations. New York: Springer.

Read More
Cite this document
  • APA
  • MLA
  • CHICAGO
(“Ethics and Business Research Paper Example | Topics and Well Written Essays - 500 words”, n.d.)
Retrieved from https://studentshare.org/business/1432657-the-impact-that-regulations-accounting-and
(Ethics and Business Research Paper Example | Topics and Well Written Essays - 500 Words)
https://studentshare.org/business/1432657-the-impact-that-regulations-accounting-and.
“Ethics and Business Research Paper Example | Topics and Well Written Essays - 500 Words”, n.d. https://studentshare.org/business/1432657-the-impact-that-regulations-accounting-and.
  • Cited: 0 times

CHECK THESE SAMPLES OF Ethics and Business

Understanding and Appreciation of the Interrelationship of Ethics and Business

Understanding and Appreciation of the Interrelationship of Ethics & business Part Halliburton Scandal.... Hence, the behavior of the officials is immoral because they have not been loyal and honest in their business dealings.... The utilitarianism theory is all about the maximization of happiness or pleasure; however, the Wal-Mart management has not acted ethically because it did not pay attention to the perspectives of other people in their business environment (i....
2 Pages (500 words) Essay

Ethics and Business Success

… Name: University: Course: Tutor: Date: Ethics Essay Two Articles on Ethics and Business Success Many businesses today are struggling in today's economy.... The second, "The Conscious Organization: Prospects for a Self-Actualized Workforce,” by John Renesch, supports developing your business using the ideas of psychological theorists, Andrew Maslow and Carl Jung, treating the business as you would a person.... Renesch's approach to gaining success within a business is mixing the principles of Maslow's self-actualization and Jung's “shadows,” which are things that block a person from achieving their highest potentials....
4 Pages (1000 words) Essay

Ethics and Business Corruption. Siemens

ribery and corruption plunged the company in 2008 and these incidences are reflective of the business theories learnt and earlier explained.... The different business ethics theories will be evaluated with a reflection of these two scandals to evaluate to what extent the malpractices can be related to the theories.... The action of Leeson provided less social good to the business and the stakeholders and is thus considered as unethical based on utilitarian theory (Slater, 2008)....
5 Pages (1250 words) Essay

Business and Ethics

There is a lot of controversy surrounding the issue of the compatibility of Ethics and Business.... Therefore, Ethics and Business do and should mix.... Ethics and Business do mix.... In order to achieve a quick growth in any business, it is important for one to consider getting new markets for the goods and services that one provides.... In order to achieve a quick growth in any business, it is important for one to consider getting new markets for the goods and services that one provides....
2 Pages (500 words) Essay

Ethics: The Fabric of Business at Lockheed Martin

This research will discuss the most effective tools and approaches in encouraging ethical behavior in the Lockheed Martin company and how the Human Resource Department can help the Ethics and Business conduct department in that company (Lattal, Pg.... This research will discuss the most effective tools and approaches in encouraging ethical behavior in the Lockheed Martin company and how the Human Resource Department can help the Ethics and Business conduct department in that company (Lattal, Pg....
2 Pages (500 words) Assignment

Business Ethics and Business Law

Fort Dodge Animal Health, to demonstrate that often business Ethics and Business law counteract each other, making it challenging for the organization (and even the law) to determine which path to follow.... which indicates that business ethics and the law have remained elusive to practitioners because of its malleability.... Due to the ease with which practitioners can manipulate the law to serve their interests … Despite its history of striving to keep a balance between economic interests and social expectations its current situation, as seen in the above case, demonstrate the struggle has a long way to go before the business law and ethics can achieve its desired effects....
10 Pages (2500 words) Research Paper

Evaluation of a Business Code of Ethics

o closely evaluate the effectiveness by which the standards govern an organization's ethical behaviour, the Code of Ethics and Business Conduct of Exxon Mobil Corporation is evaluated with the following detailed goals: (1) to write a general information paragraph on the company, including its mission statement; (2) to determine the type of ethical system used by the firm and reasons or examples upon which decisions are based.... An organization's code of ethics is a set of moral principles of conduct which guide practitioners into decision making based on theoretical discourses that conform to ethics and morals....
6 Pages (1500 words) Research Paper

Analysis of Ethics and Business

This paper "Analysis of Ethics and Business" discusses the question of whether the management of businesses should behave ethically.... Anything else is an irrelevance at its best and at worst simply stands in the path of success in terms of profitability to a business.... However, conflicts will always arise whereby when it comes to choosing what to come first, the business usually choose profits.... These always upset people who perhaps might have expected too much from the business and yet haven't reviewed the consequences of their personal opinions (Coppage, et....
6 Pages (1500 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.
Contact Us