Ethics

Question 1

Simple ethical tests for a business decision

Answer 1

~ Transparency: do I mind if others know?
~ Effect: who does my decision effect?
~ Fairness: would my decision be considered by fair by those affected?

Question 2

ICAEW code of ethics

Answer 2

Professional competence and due care
Integrity
Confidentiality
Objectivity
Professional behaviour

Question 3

Recommenced approach to ethics questions

Answer 3

1) legal issue?
2) codes or professional principles apply?
3) who is impacted?
4) transparency/effect/fairness
5) issues if decision not taken?
6) sustainability?

Question 4

Marketing ethical issue

Answer 4

marketing wastes world’s resources by convincing people to buy things they don’t need

Question 5

Benefits of corporate social responsibility (CSR)

Answer 5

Cost savings: avoid fines, lower tax + staff turnover
Self-regulation: less likely gov will intervene
Reputational benefit: comp adv, attract investment + staff