Ethics Flashcards
What is fraud and give some examples
the deliberate act of gaining an advantage by knowingly breaking the law
- ghost employess
- fasting invoices
- inflating expense claims
- stealing assets
- manipulating statements
what is bribery
influencing someone to behave inappropriately by means of money, goods or service
what does the 2010 uk bribery act enforce
if an employee bribes another person the organisation is liable if procedures aren’t put in place
How can an organisation resolve ethical conflicts
- tone and attitude of leaders
- management/ leadership style
- ethical code of conduct
- laws of regulations governing conduct
what is a corporate code of ethics and give examples of some features a business might include
a series of statements setting out the organisations core values and explaining its responsibilities to stakeholders
- guidance on acceptable behaviour
- specific examples of correct behaviour
- links to organisations missions and objectives
- clear guidance on punishments
what are the 5 fundamental ethical principles and explain them briefly
integrity - straight forward and honest
objectivity - exercise business without bias or conflict of interest
professional competence - maintain requires skill level and ensure clients receive competent service
confidentiality - protect sensitive information
professional behaviour - comply with relevant laws and regulations
what are the 5 threats to ethical principles and explain them
self interest - financial or other influencing interest
self review - inappropriately evaluating results
advocacy - promoting a client compromising objectivity
familiarity - long/ close relationships with client
intimidation - actual or perceived pressures
Framework for ethical decisions
What are the relevant facts?
What are the ethical issues involved?
What principles are threatened?
Do internal procedures exist to mitigate the threats?
What are the alternate courses of action?
