Ethics- Chapter 3
Ethical Issue
A problem, situation, or opportunity that requires an individual or group to choose among actions.
Ethical Dilemma
A problem, situation, or opportunity that requires an individual or group to chose among several wrong or unethical actions.
Clients and Public Interest
Accountants must abide by a strict code of ethics that defines their responsibilities to...
Fraud
Any purposeful communication that deceives, manipulates, or conceals facts in order to create a false impression.
Facilitation Payments
Are used to obtain or retain and are not generally considered illegal in the U.S.
Ethical-Issue Awareness
Developing this is the first step towards understanding business ethics
Ethical Issues Arise
Due to conflicts between individuals' personal moral philosophies and values and the values and attitudes of the organization in whivh they work.
Conflicts of Interest
Exist when an individual must choose whether to advance his/her personal interests, those of the organization, or some other group.
Intellectual Property
Involve the legal protection of intellectual properties- Books, movies, software.
Integrity
Is an important element of virtue and means being whole, sound and in unimpaired condition.
Trust
Is destructive when lying causes predicaments for companies in marketing communications.
Facilitation payments
Legal as long as they are small.
U.S. Foreign Corrupt Practices Act (FCPA)
Makes it illegal for individuals, firms, or third parties doing business in American markets to make payments to foreign government officials to assit in obtaining or retaining business.
Corporate Intelligence
The collection and analysis of information on Markets, Technologies, Customers and competitors, and Socioeconomic and external political trends
Bribery
The offering of something of value in order to gain an illicit advantage.