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Governance - Ethics

Ethical behavior is necessary in professions to function in an orderly society; business managers should avoid conflicts of interest and treat employees fairly; and there is an inherent conflict between maximizing profit and ethical behavior as choosing one may come at the expense of the other.

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CJ Tin
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72 views1 page

Governance - Ethics

Ethical behavior is necessary in professions to function in an orderly society; business managers should avoid conflicts of interest and treat employees fairly; and there is an inherent conflict between maximizing profit and ethical behavior as choosing one may come at the expense of the other.

Uploaded by

CJ Tin
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as DOCX, PDF, TXT or read online on Scribd
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1. Explain why ethical behavior is necessary in the practice of one’s profession.

Ethics are moral principles that governs a person’s behavior. This concerns with what are good for individuals
and society and what they considered as ethical or unethical. Having an ethical behavior makes the society to
function in orderly manner. Everywhere when there are business, ethical behavior matters. That’s why by
developing a code of ethics makes it clear for everyone in the organization that they cannot claim ignorance as a
defense for unethical conduct. A professional code of ethics is a standard that are expected to meet of each of
the members of the professions, it is an assurance to act in a manner to that protects the well-being of the
society. A professional code of ethics informs the public on what to expect of a company and its employees.
Because every decision that we make as a professional influence the employees, customers, suppliers and
competitors, and this also reflect in the company’s performance that affect communities, government, and the
environment.

2. Explain how business managers could act ethically.

Business managers needs to display ethical behavior whether or not someone is observing. Ethical behavior
starts within ourselves, in order for business managers to act ethically they need to know that we, the
professionals have ethical behavior too. The managers need to know his role in the business and that is to serve
the enterprise and the community. By acknowledging his role, he should know what behavior he should display
Keeping integrity can sometimes be difficult, but business managers should avoid any conflict of interest, abuse of
power for personal gain, and always cooperate with his colleagues. Open and honest communication is important
in making an ethical environment. Managers need to communicate to his superiors whenever his personal
business of financial interest conflict with those of the company. And not only to the superior but also to his
subordinates, lead them effectively and treat them fairly; assuring that they have the right of information on the
matters that affect them. Fully evaluate the likely effects on employees and the community of the business plans
for the future before undertaking a final decision.

3. Describe the inherent conflict between ethics and pursuit of profit.

The inherent conflict between ethics and pursuit of profit. People will always have a hard time choosing
between money and moral. In business, ethics puts management into test when it comes to profit of the
business, the time would come when they need to decide whether profit should come first before ethics or ethics
before profit. Because if you choose to increase your profit this would need the power of financial manipulation
that rejects the idea of ethics because ethics is being viewed with mockery as counterproductive. And some
people believed that being ethical would not get you the desire that you want.

“Humanity has a mission and the means to transform the world and progress justice and love in human
relations, even in the social economic field”, we are in an era where everything is digital and everything is known.
The youth today is more knowledgeable and aware of the world and I believe that we (future accountants) can
make the business world more ethical in the future.

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