AFM131 Lecture Notes - Lecture 12: Triple Bottom Line, Corporate Social Responsibility, Internal Audit

• School: University of Waterloo
• Department: Accounting & Financial Management
• Course: AFM131
• Professor: David H A

Document Summary

Sometimes the obvious solution from an ethical view has drawbacks on professional or personal views: ethical dilemmas occur when you must choose between two equally unsatisfactory alternatives, ask the following questions during an ethical dilemma. Is my proposed action legal: violation of laws or company policies, most basic question in business ethics but it is the first. Legality vs ethics: legality is more narrow, protect from fraud, violence, theft, aim to punish those who break the law, ethics goes beyond the law. Managing businesses ethically and responsibly: people learn standards and values from observing what others do, not listening to them. Brand equity is at stake, lose customers if they are displeased by the way you do business: keep existing customers and attract new ones. Ensure people that need the good have access: avoid lawsuits. Lawsuits are time-consuming and expensive, take money and time away from business strategies: reduce employee turnover.