Ethics And Professional Responsibilities Applied

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Ethics and Professional Responsibilities Applied to
Baker Tilly & China North East Petroleum Holdings Limited
Jingyi Zhang
Arkansas State University

Business ethics has developed since the 1960s in the United States. Ethical dilemmas have changed according to the economic environment. During the 2000s, financial failures happened more frequently because of unprecedented economic growth. Nowadays, ethical dilemmas such as financial mismanagement, international corruption, and companies’ promotional purpose are the main reasons that some high profile companies such as Enron and Lehman Brothers collapsed. Due to the allure of huge benefits, management is facing bigger ethical challenges than ever before when making business decisions. Over the last two decades, business ethics has been troubled by a lack of direction and has become entangled in its own logic (Donaldson, Dunfee, 1994, p.1). Business ethics as self-regulation helps us to distinguish between two things. What exactly we think firms’ ethical obligations are, above and beyond complying with laws, and what it would be favorable for them to choose to do when they are not obliged to do so (Norman, 2011, p.1). When fraud happens, companies collapse more rapidly than its growth. Collapse resulting from the fraud not only destroys the companies, but also may results the shareholders investments impossible to recover. Many stakeholders will also suffer from the loss due to the fraudulent

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