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Accounting Ethics Theory Summary
Ethics of Accounting all summarized in detail
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CompaniesEthics & corporate governance & role of
professional bodies
(pg. 264-292)
,Ethics in business:
Ethics: principles, values, beliefs.
Moral: good, right, honest.
Dilemma: quandary, tight spot, predicament.
Disputes concerning morals and ethics are more likely
to arise because people are likely to have
contradictory opinions of the preferred courses of
action. The challenge for businessmen is to:
Minimise the negative aspects of the decision
Without forfeiting the positive aspects of the decision.
, Ethics in business (continued):
Business ➔ bad reputation ➔ immoral or unethical
practices ➔ significantly negative impact on profits or
customer goodwill. (opposite true for good reputation)
Criminal consequences for perpetrators, e.g. imprisonment
Government has intruded by instituting various
commissions of inquiry, and by changing the law when it
deems it necessary
Owners and managers therefore need to develop
objectives, plans and skills with regard to ethics in the
business. Vitally important that good moral conduct
permeate all aspects of a business so that mixed messages
are not sent out to customers and other stakeholders. (e.g.
Owners want to support local community but shop
assistants intolerant of customers)
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