Answer To: 1 (a) Describe 4 benefits of Business Ethics for organizations? ( – 200 words) (b) Provide a...
Nishtha answered on Oct 11 2021
QUESTION ASSIGNMENT
Table of Contents
Ans1 3
Ans2 3
Ans3 4
Ans4 6
Ans5 7
Ans6 8
References 10
Ans1.They will draw consumers to their goods and services when a business acts ethically and persuade them into loyalty. In terms of clients, this offers a strategic advantage. Whatever the market, the USP of that organisation (unique selling point) could be an ethical way to run a business. This boosts the prestige of a brand, which, in turn, will increase sales. If they realize the products will be manufactured ethically and safely, consumers feel better about dealing with their funds. The next benefit is it improves the satisfaction level of the customer. For an organisation that is behaving ethically, workers may feel more secure performing than one that is not. After all, because of underpaid employees, they do not want to be partly responsible for any immoral effects, such as leading to deforestation of an environment or poverty. As mentioned by Ogbari, Oke, Ibukunoluwa, Ajagbe, and Ologbo (2016), third benefit is it attracts more investors, If investors recognise that the business they run with strong moral priorities and will run in an ethical manner, they will be secure in the knowledge that the capital was used in a responsible manner. Plus, it indicates that they will feel relaxed knowing that they do not contribute to unethical activities indirectly. As indicated by Emanoil, M.U.S.C.A.L.U. and Silvana Nicoleta, B.Ă.D.I.Ț.Ă (2016), the last benefit is, it helps in the development of society, Business ethics by attracting clients, management and staff is advantageous for the company). But it is not all that. It is also healthier for society overall when a business thinks about its actions, influence and ecological consequences.
Woolworths Group Limited, Australia’s biggest grocer, plans to avoid selling alcohol and sell its gaming operations. In particular, The Conversation notes, Woolworths will sale its liquor stores, bars, and hotel business, which maintains gambling machines. Gambling machines are what Americans call gambling machines and fruit terminals with British names, to explain. The credibility of the business may. However, profit. Australian mothers have criticised Woolworth's for its non-food activities. The selling is part of the dedication of Woolworths to family-friendly principles. Those principles go beyond gambling and drinking resistance. Woolworths does not hand out plastic bags anymore and offers children free fruit to promote healthy eating.
Ans2. The 2002 Sarbanes-Oxley Act is a U.S. statute. On July 30 of the same year, government approved an order to help protect investors from deceptive corporate financial statements. It conclusion and recommendations amendments to current securities laws, also known as the SOX Act of 2002 and the Corporate Responsibility Act of 2002, and placed harsh new punishments on offenders. In reaction to financial scandals concerning publicly traded firms such as Enron Corporation, the Sarbanes-Oxley Act of 2002 came about. As stated by Westland (2020), the high-profile scams rattled public faith in financial reporting statements' truthfulness and caused many to request a review of decades-old environmental requirements. Current laws dealing with security legislation, such as the Securities Exchange Act of 1934 and other regulations implemented by the Securities and Exchange Commission (SEC), were modified or replaced by the regulations and compliance policies described in the Sarbanes-Oxley Act of 2002. The new law sets out changes and additions in four main areas:
· Corporate transparency
· Increased prosecution of offenders
· Regulating Accounting
· New Protection
(b) yes, the SOX Act is effective, The Act has had a profound influence on US corporate governance. Public corporations are mandated by the Sarbanes-Oxley Act to enhance audit committees, conduct internal control checks, make directors and officers individually responsible for the reliability of financial statements, and reinforce transparency. Franklin (2016) has explained that the Sarbanes-Oxley Act also allows for tougher civil sanctions for financial crimes and alters the work of public accounting firms. Documentation of policies, including manual processes, personnel policies, and reported control procedures, are required in Sections 302 and 404. With this kind of paperwork mandatory, the process can be daunting for many organisations. The measures taken to comply can be profitable for the organisation.
Ans3. The ethical business problem in organisation can be solved t hrough the application of three proven ethical structures, they are
Utilitarianism
For the greater number, utilitarianism continues to pursue the greater good and emphasises outcomes over laws. In the ethical dilemma they face, organizations should apply utilitarian...