Business thics Exam.docVIP

What does UTILITARIANISM means? Consequentialism. Dong it on ethics. Utilitarianism is an ethical theory holding that the proper course of action is the one that maximizes the overall happiness. It is thus a form of consequentialism, meaning that the moral worth of an action is determined only by its resulting outcome, and that one can only weigh the morality of an action after knowing all its consequences. Universal ethics – Non- Consequentialism Only those acts undertaken from “a sense of duty dictated by reason” are moral. A code of ethics is legally enforceable? No. A code of ethics business of ethics focuses on social issue of organization. It focuses on development of business, mission of business, plan for the development of business, it determines privacy, environment and great plan to deliver business at the top level. The ethical code therefore generally implies documents at three levels: codes of business ethics, codes of conduct for employees and codes of professional practice. /wiki/Ethical_code Why have a code of ethics ? ??define accepted/acceptable behaviours; ??promote high standards of practice; ??provide a benchmark for members to use for self evaluation; ??establish a framework for professional behaviour and responsibilities; ??a vehicle for occupational identity; Why was the SARBANES-OXLEY regulation was passed? /wiki/Sarbanes–Oxley_Act The Sarbanes–Oxley Act of 2002 Pub.L. 107-204, 116?Stat.?745, enacted July?29, 2002 , also known as the Public Company Accounting Reform and Investor Protection Act in the Senate and Corporate and Auditing Accountability and Responsibility Act in the House . The bill was enacted as a reaction to a number of major corporate and accounting scandals. Auditor conflicts of interest It is a regulation that targets executive leaders who are involved in fraudulent financial disclosures by their organization. This act makes executive management directly responsible for ethical, honest practice in reporting orga