SU1: Ethics Flashcards
Ethics
A philosophical examination and understanding of what is right and wrong, or good and bad
Morality
Application of ethical principles
Virtue
Characteristics of morality of an individual
Teleology
From this perspective, everything is a function of its end, purpose, or goal. The moral good is derived from what is achieved and whether the consequences of an action are considered “good.”
Utilitarianism
This theory values maximizing positive effects, such as welfare or happiness. The morally right decision is the one that maximizes these positive effects. The general principle is that the “greatest happiness to the greatest number of people” is the measure for right or wrong decisions.
Deontology
What is good or right is derived from the action itself regardless of the consequences
Virtue ethics
A decision is right if a virtuous person would do the same in the same circumstances.
Relativism
a decision is right if it is based on what appears to be right or reasonable within one’s own belief or value system.
Justice
The most common interpretation of justice is that equals should be treated equally, and unequals should be treated unequally
What are the four averarching principals of the IMA Statement of Ethical Professional Practice
Fairness, Objectivity, Responsibility and Honesty (FORH)
What are the four specific standards of the IMA statement of ethical professional practice
Competence, confidentiality, integrity, credibility
Major Issues Addressed by CSR and Sustainability
Taxes, Environment, Human Rights and Corruption
Four Levels of CSR
Economic, Legal, Ethical and Philanthropic
Three tools that can be used to identify process controls related to ethical and behavioral issues
business process reengineering, quality management, and continual process improvement
The Foreign Corrupt Practices Act of 1977 prohibits bribery of foreign officials and applies to which companies?
It applies to all domestic corporations engaged in interstate commerce
