Caldwell et al. (2006) noted that the duties of stewards were fraught with a complex set of ethical obligations. Many professional codes of ethics or rules are supposed to govern the ways and actions or conduct of laws given by the professionals within a professional business for you. Group of professionals generally sets these rules so that their professional peers see anyone who violations one of these rules of conducts are in violation of this rule as disapproval. The moral ethical standards of a society provide the basic guidelines for corporate ethical stewardship existence and allow us to resolve conflicts by social existence and allow us to resolve conflicts by appeal to shared principles of justification.
Justification for an Internal Control System ACC/544 Justification for an Internal Control System Internal control systems contain a set of rules, policies, and procedures that an organization should implement to provide assurance that its financial reports are reliable. It should also provide assurance that operations are effective and efficient and its output complies with applicable laws and regulations. The organization’s board of directors, managers, and other personnel are responsible for the internal control system. The most important purpose of the internal control system is to determine the risks of the organization to alleviate economic disaster or fabrication. The present control system is an assortment of insurance and portfolio controls.
These principles are strictly set in place to “represent the expectations for CPAs on the part of the public in performance of professional services” (Mintz & Morris, 2011.). After reading chapter one from Ethical Reasoning: Implications for Accounting, the three most important principles are responsibilities, public interest, and integrity. Responsibilities According to Eber (2004) This principle states that members need to exercise sensitive professional and moral judgments in all their activities, are responsible for cooperating with each other to improve the art of accounting and should maintain the public's confidence and enhance the traditions of the accounting profession (The AICPA Code of Professional Conduct, Responsibilities). Responsibilities are first out of the six principals for the AICPA Code and the third most important principle. This principal is what helps guide professional members in performance and to honor public trust.
A. What factors should have been considered by Nichols in the risk analysis prepared during the planning phase of the audit? Screening process in the planning phase of the audit would have helped Nichols in determining the following factors: ➢ Nature of the Test ➢ Timing of the test ➢ How extent the Test needs to be Inherent Risk at an account level and overall financial level should have been assessed at the planning phase. Some of the other factors that were needed to be considered by Nichols were: ➢ What risks are present in their business that makes it a risky venture? ➢ Risk associated with the type of product they carry, company may carry products that went obsolete.
Abstract In this essay is to discuss Business Ethics and Corporate Social Responsibility (CSR) by using Anglo-American and Primark as examples. Both companies have a strict policies on ethical behavior which can be used as a catalyst in how to conduct business ethically. Some of the key things I will emphasize what is meant by ethical business. Then I will analyze is how Anglo American and Primark apply ethics into their business. Moreover, The costs and benefits to an organization when they behave ethically.
Johnson & Johnson Tylenol Crisis Mindy Foster Business Ethics September 29, 2014 Johnson & Johnson’s Tylenol Crisis The ethical decision making process requires a persuasive and rational justification for a decision. [1] All decisions made for a business not only affect the stakeholders but the general environment of the company whether ethical or unethical. A crisis occurring in the early 1980’s brought Johnson & Johnson’s ethical decision making skills under the scrutiny of the nation. When informed Extra Strength Tylenol was the common factor in multiple fatalities, Johnson & Johnson reacted by researching the facts, identifying their role in the crisis, and implementing solutions while maintaining stakeholder trust through education and open communication. Johnson &Johnson managed the crisis ethically through their crisis management plan and corporate social responsiveness.
Ethics Reflection Paper Name Strategic Planning & Implementation/581 Date Instructor’s Name Ethics Reflection Paper Ethics are the principles, values, and beliefs that provide a basic framework that businesses may choose to follow to set standards for what is right and wrong behavior in the workplace (Pearce & Robinson, 2011). Ethics is the means of deciding a course of action. According to Pearce and Robinson (2011), “ethical standards reflect not a universally accepted code, but rather the end product of a process of defining and clarifying the nature and content of human interaction.” Corporate social responsibility (CSR) embraces a company’s ethical policies to encourage employees to reach out to the community, including stakeholders with a positive impact to protect the company’s assets as well as promote a healthy secure work environment. Personal ethical standards help contribute to the decision and behavior of an organization to develop a strategic plan. The purpose of this paper is to explain the role of ethics and social responsibility in developing a strategic plan while considering stakeholder needs and explain how my ethical perspective has evolved throughout the masters program at University of Phoenix.
An efficient, effective, and successful accountant must be prepared to adhere to a steadfast code of ethics. At some point in their career, most accountants will encounter challenges that will test their resolve. There will inevitably be pressure from clients and others to manipulate financial statements or to reveal confidential information they feel may give them an economic advantage. Therefore it is important that accountants learn to practice with impeccable ethics and maintain a level of professionalism that is beyond reproach. According to the American Institute of Certified Public Accountants Code of Professional
– Front Office (5), and collaboration with Compliance Department (3), Back Office (5), Finance Department (7) Why: A bank should ensure a strong compliance culture throughout its organization, where the board of directors and senior management set the right tone. The board of directors and senior management (including Head of the business and Supervisors) should set a clear risk appetite and ensure a compliance culture where financial crime is not acceptable. The 2LOD ensures that the risks are actively and appropriately managed, and provide an independent effective challenge to the first line of defense. How & Who: Propose the policy framework and sound risk management process and internal control, while also supporting, assisting, and providing recommendations related to ORM approaches to the first line of defense. – All 2LOD
And they understand the importance of reviewing and redesigning their structures on an ongoing basis. According to renowned management theorist Henry Mintzberg, an organization's structure emerges from the interplay of the organization's strategy, the environmental forces it experiences, and the organizational structure itself. When these fit together well, they combine to create organizations that can perform well. When they don't fit, then the organization is likely to experience severe problems. Different structures arise from the different characteristics of these organizations, and from the different forces that shape them (which Mintzberg calls the "basic pulls" on an organization).