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Introduction to me What is Ethics? Ethics is about how we meet the challenge of doing the right thing when that will cost more than we want to pay The Josephson Institute of Ethics What is Business Ethics? Rules that govern how businesses

  1. Introduction to me

  3. What is Ethics? “Ethics is about how we meet the challenge of doing the right thing when that will cost more than we want to pay” The Josephson Institute of Ethics

  4. What is Business Ethics? Rules that govern how businesses operate, how business decisions are made and how people are treated.

  5. Stakeholders • Accounting ethics – business depend upon complete honesty and transparency • Attorney ethics - high moral obligation to keep their clients secrets confidential • Medical or medical research ethics - protection of their human subjects when it comes to treating patients or conducting experiments on patients

  6. Factors That Affect Business Ethics • Responsible mentoring • Honesty • Respect for colleagues • Objectivity • Social responsibility • Integrity • Non-discrimination • Carefulness • Competence • Openness • Legality • Respect for intellectual • Human subjects property • Confidentiality protection • Responsible publication

  7. Ethical Dilemmas Where the decision you must make requires you to make a ‘right’ choice knowing full well that you are: – Leaving an equally ‘right’ choice undone – Likely to suffer something bad as a result of that choice – Contradicting a personal ethical principle in making that choice – Abandoning an ethical value of your community or society in making that choice

  8. Resolving Ethical Dilemmas • Step One: Analyze the consequences • Step Two: Analyze the actions • Step Three: Make a decision

  9. Ethical Dilemma Exercise

  10. That’s Why its called a Dilemma

  11. What is the purpose of accounting? To provide true information to decision makers

  12. Accounting Ethics Internal and external guidelines Keeps a business from generating inaccurate financial reports or misrepresenting their financial standing

  13. What is the relationship between truth and accountants? “The auditor’s job is to determine what is and what is not true, then to assure that what is true is properly communicated to the stakeholders.” – Richard L. Ratliff

  14. What is the relationship between you and the truth? • CPA’s are looked upon as the “watchdog of business,” the “trustworthy guardians of truth.” • Perception that the integrity and independence of CPAs is beyond reproach, beyond question

  15. Look for the Thinking Errors: Management Accounting “We work for management. Our job is to make management look good.” “Our obligation is to our shareholders. Anything we do to make the stock price go up is ethical.” “Every good accountant knows where to find it.” “You’re not being a team player.” “You’ve got to stop thinking like a CPA and start thinking like a management accountant.” “You WILL make this journal entry.”

  16. Look for the Thinking Errors: Public Accounting “We followed GAAP.” “Enron didn’t do anything illegal.” “If you want more transparency, you need to change the rules. Don’t blame us.” “Those partnership documents are incredibly complex and 80 pages long.” “ Our capital markets are the most efficient in the world.”

  17. Why are Ethics Important in Accounting? Privy to sensitive information Gives accountants a good deal of power Trust between an accountant and their clients not be abused

  18. Responsibility of Accountants Maintain their independence, objectivity and integrity. Otherwise, accountants and their clients at risk for: – legal action – public embarrassment – loss of profits – poor reputation

  19. Financial statements must be prepared accurately Warren Buffett “Earnings can be as pliable as putty when a charlatan heads the company reporting them."

  20. Triple Bottom Line

  21. In the last five years, about half the companies in the Fortune 500 have begun publishing corporate social responsibility annual reports. The reports discuss the companies’ sustainability and corporate social responsibility approaches, provide their mission statements and outline all the efforts undertaken to achieve their goals. What’s more, a report from the Social Investment Forum— a national nonprofit membership association dedicated to promoting the concept and practice of socially and environmentally responsible investing — found that $2.3 trillion were invested in socially responsible investing mutual funds in 2005. FedEx Kinkos, Nike and Tesco, by small mom-and- pop shops like Jessica Alba’s non-toxic baby product company, The Honest Co.,

  22. • When to Use the Triple Bottom Line • The Triple Bottom Line is essentially a reporting system. Of itself, it doesn't actually improve the company's impact on people or the environment, any more than the action of producing a set of management accounts would affect profits. • However, it can be used to drive improvements in the way an organization impacts people and the environment by helping managers focus on what they need to do to improve all of the bottom lines, and keeping this work high on their agendas. In this case, the Triple Bottom Line is being used as a type of Balanced Scorecard Add to My Personal Learning Plan. • As with all measurement systems, though, the cost of monitoring and calculating three bottom lines can be considerable. And you can only justify this cost if you can do some greater good as a result of having the figures. What's more, you certainly don't have to have Triple Bottom Line reporting in place to treat people well, or be conscientious about your impact on the environment. In many cases, money that could be spent on monitoring the Triple Bottom Line could better be used on people- or planet-friendly initiatives.

  23. Global Business Ethics

  24. Ethical Issues in Global Business • Marketing and safety practices • - Nestle: Baby Killers; Union Carbide: Bhopal • Sweatshop and labour abuse • - Wal- Mart’s Kathy Lee collection (20 hrs/day @ $0.20/hr) • Corruption and bribery • - Gulf Oil: ‘political contributions’ to Korea ($4.2 million) • - Lockheed: bribes to Middle East ($22 mil) and Japan ($12.5 mil)

  25. Improving Global Business Ethics Fundamental International Rights 1. The right to physical 6. The right to physical movement security 2. The right to ownership 7. The right to freedom of of property speech and association 3. The right to freedom 8. The right to minimal from torture education 4. The right to a fair trial 9. The right to political participation 5. The right to nondiscrimination 10.The right to subsistence

  26. Improving Global Business Ethics Seven Moral Guidelines for MNCs • Pay their fair share of • Inflict no intentional or direct harm taxes • Produce more good than • Respect local cultural bad for the host country beliefs that do not • Contribute to host violate moral norms country’s development • Cooperate with the • Respect the human government to develop rights of their employees and enforce background institutions

  27. Code of Ethics

  28. Codes of Ethics • https://www.ifac.org/ethics • http://www.ethicsboard.org/iesba-code • http://www.icaew.com/en/technical/ethics/icaew-code-of- ethics/icaew-code-of-ethics • http://www.aicpa.org/InterestAreas/Tax/Resources/StandardsEthics/ Pages/default.aspx • http://www.accaglobal.com/us/en/student/exam-support- resources/fundamentals-exams-study-resources/f1/technical- articles/question-of-ethics.html • http://www.cimaglobal.com/Professional-ethics/Ethics/CIMAs-code- at-a-glance/

  29. Enron’s Values Statement, included in 2000 annual report: • Excellence • Communication • Respect • Integrity

  30. Thank you And ?’s

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