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Ethical Issues
The following statements have appeared in newspaper editorials:
- 1. Business students come from all segments of society. If they have not been taught ethics by their families and by their elementary and secondary schools, a business school can have little effect.
- 2. Sacrificing self-interest for the collective good won’t happen unless a majority of Americans also accept this premise.
- 3. Competent executives manage people and resources for the good of society. Monetary benefits and titles are simply the by-products of doing a good job.
- 4. Unethical firms and individuals, like high rollers in Las Vegas, are eventually wiped out financially.
Required:
CONCEPTUAL CONNECTION Assess and comment on each of the statements.
Assess each statement representing ethical issues of business and comment on each statement.
Ethical Conduct:
Ethical conduct involves indulging into fair practices and making equitable decisions. Ethical conduct requires sacrifice of self-interest for the betterment of the society.
1.
The statement is incorrect; there are various institutes like AICPA and IMA that emphasize the compliance of code of ethics and professional standards. Accounting professionals and students are taught to follow ethical codes and standards. IMA provide study material, ethical helpline, and statement on ethical practices to ensure adherence to ethical conduct.
IMA incorporates SOX and codes of international federation of accountants in its statement on ethical practices.
Therefore, students are taught regarding ethical standards and issues in their professional studies.
2.
The statement is incorrect.
Core principle of ethical behavior is that individuals should be ready to sacrifice self-interest for the common good. Such willingness should not be dependent upon the conduct adopted by other individuals. The sacrifice of self-interest for the betterment of society develops the sense of right and wrong amongst individuals.
Therefore, a person must sacrifice self-interest irrespective of the practices adopted by other individuals...
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