Compilation notes

• What is the discipline that deals with good and bad?

  Ethics
• What do business ethics serve as for a business?

  Moral principles guiding business conduct
• What does governance involve in a business context?

  Setting strategies, objectives, and policies
• How is a moral defined in the context of ethics?

  Individual principles regarding right and wrong
• What does environmental ethics study?

  Moral relationship of humans to the environment
• Why is ethics important in business?

  To produce morally upright and truthful individuals
• What should companies focus on regarding their objectives?

  Maintaining ethical behavior alongside business objectives
• What is the public's primary concern about companies?

  Whether they conduct business according to the law
• What is one benefit of ethical business behavior?

  Attracts more customers leading to increased sales
• What is a key step in creating an ethical organization culture?

  Top management leads ethics by example
• What should be communicated clearly in an organization?

  Expectations of the organization's code of ethics
• What are the key components of an ethics training program?

  • Clear communication of ethical expectations
  • Reinforcement of ethical behavior
  • Protection for whistleblowers
• What is the first step in the framework for studying business ethics?

  Overview of business development and roles
• What does moral reasoning involve?

  Norms, values, and beliefs defining right/wrong
• How is business ethics defined?

  Professional ethics examining ethical principles in business
• What is a key aspect of new governance accountability frameworks?

  Reflecting stakeholder interests in fiduciary relationships

  
• What must professional accountants focus on to meet public expectations?

  Public interest and independence of judgment
• What is the primary fiduciary responsibility of accountants?

  Public interest
• What happens if accountants do not meet public expectations?

  Credibility of the corporation will erode
• What are emerging governance and stakeholder accountability models focused on?

  Expanding legal liability for corporate directors
• What is a hyper norm in values?

  A value universally respected by stakeholders
• What has increased since the mid-1990s in management and auditing?

  Risk management orientation
• How does a company's reputation affect its stakeholders?

  Depends on managing risks effectively
• What are some key issues related to accountability in business?

  Integrity, transparency, and accuracy
• What does Immanuel Kant's ethical view emphasize?

  Not using others opportunistically
• What should directors and executives demonstrate according to Aristotle?

  Integrity, honor, loyalty, and courage
• What is John Stuart Mill's goal for business?

  To increase societal benefits
• What does John Rawls advocate for in business ethics?

  No discriminatory pricing or hiring systems
• What are the approaches to ethical decision making?

  • Consequentialism
  • Deontology
  • Virtue Ethics
  • Modified Five Question Approach
  • Modified Moral Standard Approach
  • Modified Pastin Approach

  
• What is the role of professional accountants in ethics?

  To respect values of objectivity and integrity
• What is GAAP's purpose in governance?

  Provide analytical efficiency for capital providers
• What has IFAC developed for professional accountants?

  International Code of Ethics
• What has been curtailed regarding audit clients?

  Offering non-audit services
• What is the purpose of ethics in business and accounting?

  Relate education to moral issues in business
• What is one fundamental principle of ethics for accountants?

  Integrity in professional relationships
• What does confidentiality mean for professional accountants?

  Respecting confidentiality of acquired information
• What is a key aspect of managing ethics risks?

  Developing a culture of integrity
• What influences the role of professional accountants?

  Technology, regulation, and globalization
• What is unbridled greed?

  Uncontrolled desire for wealth and status
• How does unbridled greed affect ethical behavior?

  Increases tendency to be unethical