AFM131 Chapter Notes - Chapter 5: Federal Accountability Act, Ethical Dilemma, Corporate Social Responsibility

• School: University of Waterloo
• Department: Accounting & Financial Management
• Course: AFM131
• Professor: Robert Sproule

Document Summary

Laws don"t make people honest, reliable and truthful but those who break the law should pay the consequences. Problem with writing laws to correct behaviour makes people think that any behaviour within the law is acceptable. Ethics reflects our relations with one another: legality is much narrower, many immoral and unethical acts fall well within our laws. Ethics: standards of moral behaviour: common moral values: integrity, respect for human life, self-control, honesty, courage, self- sacrifice, golden rule: do onto others as you would have them do onto you. Ethics should be exhibited in our daily lives, not just in a business environment. Students and ethical behaviour what is practiced in school is practiced at work once someone finishes school. Keeping ethics in mind when making a decision is not always easy. Ethical dilemma: trade-offs between what is ethical versus personal or professional point of view: must choose between equally unsatisfactory alternatives. Questions to consider when facing an ethical dilemma.