Ethics Ethics And The Law - 1660 Words

1. ETHICS Ethics refer to â€Å"the principles, standard and norms of conducts governing individual and firm behavior† (Peng Meyer 2011, p82). These principles entail that both individual and firms are to take full accountability of their behaviors and to conform to established principles and values (Thorne, Ferrell Ferell 2008, p167). This definition will probably raise the concern if there is any distinction between ethics and the law. It is argued that to the degree that law mirrors a society’s minimum standard of conduct there is a significant overlap as to what is ethical and legal and as to what is unethical and illegal. There are subjects covered by the law however not related to ethics. For example the law set the left lane as the side to be driven on the road which is â€Å"keep left pass right†. Although this has been regulated to avoid havoc on the roads, the choice about which lane to be driven on is not an ethical decision as such. The prescription provided does not guide us. The ends of the law lead to the beginnings of business ethics. Nevertheless there is a grey area because what is legal may be perceived as unethical by key interest group (Peng Meyer 2011, p82, Crane Matten, 2010, p5-7). 1.1 The importance of ethics in financial statement Financial statements display an official report of Omega Trading monetary activities. They report Omega Trading performance, financial strength, and liquidity. (Business dictionary, 2015; Accounting simplified, 2015). TheShow MoreRelatedEthics And Ethics Of The Law934 Words   |  4 PagesEthics is the study of choices human beings make regarding what is right and wrong. And without Ethics, there will be no law, because law is enacted by one or more people coming to a decision on what is right and wrong. Though new circumstances can arise and law can be revised, but this is usually based on new insight, modification or more understanding. What is desirable or morally acceptable in some religions, cultures and societies might be a part of what is accepted by law, but that does notRead MoreEthics, Law Ethics And Ethics2045 Words   |  9 Pagesthe word ethics, the first thing that comes to my mind is the moral code, standards or values on how we should act as person, these are the ru les by which we make decisions between right and wrong or good and bad. Therefore, we based on these rules to make judgments. If a person doesn’t follow those moral standards or values we automatically think that person is a bad person or vice versa. We find ethical standards in everywhere we go. There are Medical ethics, Law ethics, Business ethics and manyRead MoreEthics And Law : Ethics1806 Words   |  8 PagesEthics Law When discussing law, one other topic that goes directly with it, is ethics. What is ethics? Ethics can be defined as â€Å"a systematic attempt, through the use of reason, to make sense of our individual and social moral experiences, in such a way as to determine the rules that ought to govern human conduct and values are worth pursuing in life.† Business ethics is a subset of ethics and there are no differences between the two, immoral acts are immoral, no matter who committed them. PersonalRead MoreLaw and Ethics2275 Words   |  10 PagesLaws are a familiar concept, and provide a basic social framework of right and wrong to which the majority adhere. Ethical theories may also be applied to all issues of uncertainty, including those not covered by laws or professional guidelines. They create a mechanism within which issues of moral uncertainty may be questioned and resolved (Jones 1994). One such area of moral dilemma is that of informed consent. In it’s simplest terms, consent may be defined as giving permission: â€Å"†¦ in currentRead MoreEthics And The Law Enforcement Code Of Ethics1412 Words   |  6 PagesThis paper inquires how ethics has impacted the law enfacement communities. The Oath of Allegiance along with the law enforcement Code of Ethics will be discussed in detail to give you a better appreciation of the expectations and ethical issues covering all law enforcement officers. This paper will discus how everyday decisions influence the law officers life, in addition to those of the community. Hero’s sacrificing their lives to â€Å"Protect and Serve†. Ethics, also know as moral philosophy, isRead MoreThe Ethics Of The Law Essay1420 Words   |  6 PagesThe practice of law is no exception to this phenomenon, and crocked lawyers and paralegals have negatively contributed to the notion. On several occasions law professionals have taken client money for personal use, acting against the law and rules of professional conduct. Although lawyers and paralegals have their own individual rules and guidelines to abide by, they follow the same professional structure of proper conduct. The rules of conduct for paralegals is governed by the Law Society of UpperRead MoreLaw Ethics1154 Words   |  5 Pagesgeneral partnership. 1. Limited partners do not play an active role in the business 2. Limited partners are not personally liable 3. Limited partners face slightly different tax rules (NOLO) BB is not a formalized company under the laws of corporation and taxation, so in turn each individual can be held liable for the debt legally. However, Dracca should not have gone after Ms. Grey solely on a tip of her wealth. Business Judgment Rule The Business Judgment Rule states thatRead MoreThe Ethics Of The Law942 Words   |  4 PagesI am in the dissenting opinion of this case. I agree with all of my fellow opinions that this law in question is absurd. I do not however agree that the evil qualities seen in the law makes it unconstitutional. I feel that this law is offensive just as Goldberg, Harlan, and White do. Dr. Buxton and Ms. Griswold merely expressed their opinions on contraceptives and practices and instructing how to use them. I feel that by doing this they were exercising their rights under the first and fourteenthRead MoreThe Integration Of Law And Ethics945 Words   |  4 PagesAs the subject title indicates, Substantive ethics is about the integration of law and ethics in corporate ethics programs. The author of this article gives numerous examples of why integration of law and ethics is needed. There are numerous areas of concern, such as dishonest corporate dealings, global human rights, tort lawsuits, an d questionable executive salaries (Blodgett, 2012). There is a view that laws are rules meant to be followed and not necessarily understood for its ethical value. ThisRead MoreLaw vs. Ethics828 Words   |  4 PagesLaw vs. Ethics â€Å"In law, a man is guilty when he violates the rights of others. In ethics, he is guilty if he only thinks of doing so.† - Immanuel Kant Law is a â€Å"consistent set of universal rules that are widely published, generally accepted, and usually enforced.† These set of rules are required by the people in that society to follow. If these rules are violated, a higher authority has the right to enforce these laws and punish the violator. Ethics is defined by doing â€Å"what is good for the