Watch the video and share with us your thoughts about the below questions:How do you define "ethics"?If you, as an American, are doing business in a country where bribery is not illegal, or unethical, how would you justify your decision to either proceed with bribery or not proceed with using bribery?

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Asked Feb 3, 2019
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Watch the video and share with us your thoughts about the below questions:
How do you define "ethics"?
If you, as an American, are doing business in a country where bribery is not illegal, or unethical, how would you justify your decision to either proceed with bribery or not proceed with using bribery?

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Expert Answer

Step 1

An individual, employee or a professional may face an ethical dilemma where it will be difficult for him / her to take a position or stand or decision. It becomes difficult to figure out what is good or bad, give the situation and circumstances. Ethical standards guide an individual’s act in a challenging situation so that he / she can meet his obligations towards the profession, organization and public.

Step 2

There are four overarching ethical principles:

Sl. No.

Principle

What it means

1.

Honesty

Truthfulness, sincere, frank, straightforward of conduct, fairness, displaying integrity, freedom from deceit or fraud

2.

Fairness

Unbiased, honest, acting in an impartial manner, free from dishonesty or injustice, open-minded, tolerant, accepting, communicating information fairly and objectively

3.

Objectivity

Judgement based on established sets of criteria, unbiased and free from prejudice

4.

Responsibility

Doing what you say you will do when you say you will do it, answerable or accountable for something that is within one's own power, control or management

Step 3

In the event of any conflict of interest, one should resolve the conflict using firm’s internal policies and guidelines. An accountant or a manager should refer to the internal policies and guidelines and act as per them. If the firm’s policies are unable to resolve the conflict, following course of action is recommended by the Institute:

  • Discuss the problem with the immediate supervisor. In case supervisor appears to be involved, escalate the issue to the next level
  • If th...

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