Shared Practice

Ethics has been around for a long time. Merriam-Webster defines ethics as rules of behavior based on ideas about what is morally good and bad. It is an area of study that deals with ideas about what is good and bad behavior. Ethics has much to do with feelings and beliefs. If you feel deep down in your heart that something is not right, then it you should not do it. The Bible says, “So whoever knows the right thing to do and fails to do it, for him it is sin” (James 4:17 English Standard Version). Ethical business procedures include guaranteeing that the main legality is in place. Also, the company observes moral standards in its relationships with the people in its business community, which includes the most important people in their business, who are the customers. This report will discuss ethics in business, ethically transformed organizations; organizations preparation to make ethical decisions, ethical danger signs, and organizations that does business globally.

Ethics, ethical values, and social responsibility should all work in unison in a corporate business structure. These key traits are better defined as maintaining overall good business morals, obtaining employees who possess personal ethical values, and finally to behave ethically and with sensitivity toward social, cultural, economic and environmental issues. For a business to better ensure these quality business traits a code of ethics should be adopted by the business. In the cases of Bernie Madoff and Enron, the most well-known financial scandals in history, I feel, gave a major hand in pushing business all across America to have and enforce the code of ethics.

A code of ethics highlights the responsibility and accountability standards of each and every employee within the organization. These codes are also motivating factors that guide the employees’ behavior, set the standard regarding ethical conduct, and build an organizations trustworthiness within

(Panza & Potthast, n.d.) Ethics is very important to a company’s success. Ethical behavior can bring benefits to a business. They can attract customers, which can lead to a boost in sales and profits. It can attract the right employees and increase productivity. It can also attract investors and keep the company’s share price high. Unethical behavior on the other hand can damage a company’s reputation and make it less appealing to stakeholders. It could also result in lower profits.

Ethics should form an integral part of every organization. Most companies have a manual that lays down guidelines regarding ethical practices in their organization. People associated with the company should abide by these guidelines.

There are several steps corporate and governmental leaders can take to promote ethical behavior to include developing a code of ethics and implementing ethical policies. Maintaining and supporting open communication with stakeholders and employees builds trust so that concerns are brought forward without fear of retaliation. Establishing systems and processes that support and do not sabotage ethical practices is significant to safeguarding against fraudulent and unethical behavior. However, even with the proper policies and reporting mechanisms, companies are not guaranteed that unethical behavior will not occur. With systems in place, a company is able to address issues and take action to discontinue the behavior. The most effective way to promote ethical behavior is through leadership commitment, training and demonstrating appropriate behavior. (Center for Ethical Business Cultures, 2008)

When functioning in the corporate world, it is an essential to include moral ethics. Ethics is also particularly imperative when laboring with financial information. It is very hard to have faith in someone managing plenty of money. Corporations in the past have distorted their financial statements in regulation to look superior to stockholders, without thinking of the penalty that may be a consequence if they get caught. If a corporation does not encourage good quality ethical conduct within the business, it is

Businesses should make it imperative that its officers, directors and employees act at all times in an honest and ethical manner in connection with their service to that particular company. The principles of integrity and accountability are the cornerstone of that companies' success. This code of business conduct and ethics sets basic principles to guide all employees, officers, and directors of that particular company. All of the personnel and directors of that business should conduct themselves accordingly to avoid in fact and the appearance of improper behavior. Ethical business conduct calls for all companies and their personnel to assume responsibility for safeguarding and preserving that company's assets and resources in the

Business Ethics is a set of moral principles applied in the commercial world. Business ethics provide guidelines for acceptable behavior by organizations in both their strategy formulation and day-to-day operations. An ethical approach is becoming necessary both for corporate success and a positive corporate image. Following pressure from

Ethics are the principles and values an individual uses to govern his activities and decisions. In an organization, a code of Ethics is a set of principles that guides the organization in its programs, policies and decisions for the business. The ethical philosophy that is used by an organization to conduct business can affect the reputation, productivity and bottom line of the business (1).

682). First, the establishment of the code of ethics within the business market has led to the incorporation of a corporate code for organizations (p. 682). Next, the corporate code is the document that outlines the current and future operations of an organization developed by the business (p. 682). In addition, the code outlines the conduct of the organization for the employee, manager, investors, and other beneficiaries of the business required to adhere to ethical principles and values (p. 682). In retrospect, this document formalizes the ethical requirement for the organization when conducting business practices (p.

While some students may naturally excel in Psychology, others may fare poorly; It is through the study of learning techniques that we can figure out why this may be, and give students a better chance at retaining and displaying knowledge, regardless of natural ability. In this essay, I aim to describe and evaluate both ‘Distributed Practice’ and ‘Highlighting’, in order to assess their effectiveness.

In light of the recent financial catastrophes, there appears to be an increasing desire for ethical dealings in business. Maxwell suggests that there is currently a trend in the marketplace that seems to be placing more value on integrity, taking a longer view of strategies, and setting more realistic or conservative goals, though the jury is still out regarding the effectiveness of implementation and execution in changing the corporate money-making climate. Despite the Sarbanes-Oxley Act of 2002, which sets the standard for corporate accountability and penalties for wrongdoing, some experts believe the responsibility for maintaining an ethical environment is up to management (Jackson, 2005).

The textbook assigned for this course highlighted many important lessons that will guide me in my future as a professional. This course allowed me to learn about many companies who were affected due to the lack of ethicality in their culture and employees that will eventually lead the company to misstate its financial statements. Given that the name of the course is “Ethics in Financial Reporting and Accounting,” I think this book gave an excellent overview of how to avoid financial troubles when working for a public company or a professional services firm. While I think every chapter provided important ethical concepts to be taken into consideration when working in a professional career, some moral lessons caught my eye as I learned about them while I read the textbook. These five lessons include identifying ethical blind spots, avoiding motivated blindness, tone at the top and independence, ethical conduct and its effect on financial statement fraud, and the importance of ethical standards and cultural values when engaging in global business. I think these five lessons are the most valuable ethics lesson that will live on with me forever into my professional career.

Codes of ethics are guidelines provided by business entities to communicate to the subordinates the beliefs, values, missions and overall perspectives of what the company or organization is about. In this paper, I will give my ideas of how I feel my code of ethics should be best implemented. In doing so, I will discuss its relevancy to other documents that are included in the code, a strategy of communicating it to all stakeholders, enforcing it, and a strategy for evaluation of revisions. Also, you will find a discussion that gives reasons