Table of Contents
Ethical issues related to account and finance 5
MITIGATION OF ETHICAL ISSUES 8
ABSTRACT
INTRODUCTION
ETHICAL ISSUES IN BUSINESS
There are fundamental issues which represent trust, integrity and treating the customer fairly, Diversity issues which represent recruitment and management of business teams which are diverse in nationality, gender, culture and color, decision-making issues and compliance and governance issue. Bernstein (2016) categorized current ethical issues into five categories: social networking, surveillance and privacy, transparency, child labor, and environmental protection These issues if are not noticed or sorted out then it will create a great cause of corruption which is happening minorly and majorly in the business. In a business, people tend to manipulate these ethics and create an issue within the business which intends to depletion of the reputation of the Business. Many ethical issues like legal liability, workplace safety, child labour, bribery, cybercrimes, overbilling, privacy threats and disclosures due to social networking, frauds, misleading, fake reimbursements, etc. can be observed in different businesses and management (Kaur, 2017). These issues if are not noticed or sorted out then it will create a great cause of corruption which is happening minorly and majorly in the business. Ethical issues may arise with managers, customers, suppliers, employees, companies, and government entities. So, many layers of ethical issues can sprout, but all revolve around integrity and trust.
Ethical issues related to account and finance
Kaur (2017) have pointed out unethical account matters like dressing and misleading financial analysis, manipulation of accounts, bribery, money frauds, overbilling of expenses and purchase, fake reimbursements, compensation to executives, and an indication of lesser revenues, etc. Florida Tech (2017) have quoted the most infamous scandal of 2001 of the American energy company Enron, which was closed for inaccurate financial statements along with its auditing firm Arthur Andersen due to endorsing incorrect statements. Both companies went out of business, and the firm’s closure resulted in 85,000 jobs lost. Freedman (2018) has also mentioned Fraudulent Financial Reporting, Misappropriation of Assets, Disclosure, and Penalties as ethical issues of accounting and finance. The impact of these types of ethical issues is very deeply affecting, companies, shareholders, states and governments, shareholders and last customers through high priced products and services (Hayibor, 2017).
Ethical issues related to Social Media issues
Ethical issues related to Harassment and discrimination
Ethical issues related to Technology/privacy
Ethical issues related to Health and safety at workplace
In every organization across the globe there are some corruptions taking place even when the measures are taken to eliminate corruption. they are Institutional location of the actor and norm which includes frauds taken within the society. “An easy means of differentiating forms of corruption centers on the institutional location of the public official involved (i.e., corruption within the executive branch, the legislature or the judiciary, the local government, the police, customs agents, building inspectors, etc.) (Morris,2011). second is the Nature of the transaction which involves It draws a distinction between “bribery” and “extortion”. In bribery, societal interests use extra-legal payments or bribes to influence the content of state policy or its implementation. Extortion, by contrast, involves the use and abuse of state power by public officials to demand extra-legal payments or rents in return for providing a legitimate or illegitimate service. Third is the systemic framework which includes Extortion, by contrast, involves the use and abuse of state power by public officials to demand extra-legal payments or rents in return for providing a legitimate or illegitimate service. And last is motivate or purpose which says “based on the motives, purpose or outcome of the corrupt act. The range of course, can be rather extensive. Does the corrupt act” (Morris, 2011)
MITIGATION OF ETHICAL ISSUES
An ethics-based approach allows for optimal working conditions and performance from employees. Every single piece of work needs hard work and efforts to be excellence likewise business managers should put in all efforts to understand ethical issues of their workplace/company and integrate ethical wisdom and managerial wisdom to solve these. Unethical behavior of the people in the organizations can cause sustainable losses to the business especially on a long-term basis. Following are some ways of mitigating issues
CONCLUSION
this study shows the importance of ethics and ways through which sustainability of the business could be managed, this research also shows the various forms of ethics and issues which are linked with those ethics and norms. But the presence of various people with different behavior and education can manipulate those ethics and can cause trouble to the business. this trouble can generate a form of corruption within or outside the business atmosphere which deprecates the image of the business of the company and cause a reduction in the brand name. But by proper implementation of the ethics and morale among the people of the company it could be saved to some extent by following the lessons to minimize corruption within the organization which is discussed in this research. The management options and strategies are compulsory to cope with various types of ethical issues for which the basic need is clear understanding of major issues and their potential losses and putting in all wisdom by business managers. Social Network/Media disclosure of the company’s secrets and cybercrimes by corporate employees and the managers, Misleading accounts’ and financial analysis, frauds, overbilling, bribery, fake reimbursements and overpricing, etc, Misuse and misappropriation and careless utilization of company assets, Health and safety at the workplace, more extended working hours, child labor, cultural and gender discrimination, and sexual harassment, Misleading performance appraisal and evaluation of employees and project work
References
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