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Rmit ethics 20130306 Slide 1 Rmit ethics 20130306 Slide 2 Rmit ethics 20130306 Slide 3 Rmit ethics 20130306 Slide 4 Rmit ethics 20130306 Slide 5 Rmit ethics 20130306 Slide 6 Rmit ethics 20130306 Slide 7 Rmit ethics 20130306 Slide 8 Rmit ethics 20130306 Slide 9 Rmit ethics 20130306 Slide 10 Rmit ethics 20130306 Slide 11 Rmit ethics 20130306 Slide 12 Rmit ethics 20130306 Slide 13 Rmit ethics 20130306 Slide 14 Rmit ethics 20130306 Slide 15 Rmit ethics 20130306 Slide 16 Rmit ethics 20130306 Slide 17 Rmit ethics 20130306 Slide 18 Rmit ethics 20130306 Slide 19 Rmit ethics 20130306 Slide 20 Rmit ethics 20130306 Slide 21 Rmit ethics 20130306 Slide 22 Rmit ethics 20130306 Slide 23 Rmit ethics 20130306 Slide 24 Rmit ethics 20130306 Slide 25 Rmit ethics 20130306 Slide 26 Rmit ethics 20130306 Slide 27 Rmit ethics 20130306 Slide 28 Rmit ethics 20130306 Slide 29 Rmit ethics 20130306 Slide 30 Rmit ethics 20130306 Slide 31 Rmit ethics 20130306 Slide 32 Rmit ethics 20130306 Slide 33 Rmit ethics 20130306 Slide 34 Rmit ethics 20130306 Slide 35 Rmit ethics 20130306 Slide 36 Rmit ethics 20130306 Slide 37 Rmit ethics 20130306 Slide 38 Rmit ethics 20130306 Slide 39 Rmit ethics 20130306 Slide 40 Rmit ethics 20130306 Slide 41 Rmit ethics 20130306 Slide 42 Rmit ethics 20130306 Slide 43 Rmit ethics 20130306 Slide 44 Rmit ethics 20130306 Slide 45 Rmit ethics 20130306 Slide 46 Rmit ethics 20130306 Slide 47 Rmit ethics 20130306 Slide 48 Rmit ethics 20130306 Slide 49 Rmit ethics 20130306 Slide 50 Rmit ethics 20130306 Slide 51 Rmit ethics 20130306 Slide 52 Rmit ethics 20130306 Slide 53 Rmit ethics 20130306 Slide 54 Rmit ethics 20130306 Slide 55 Rmit ethics 20130306 Slide 56 Rmit ethics 20130306 Slide 57 Rmit ethics 20130306 Slide 58 Rmit ethics 20130306 Slide 59 Rmit ethics 20130306 Slide 60 Rmit ethics 20130306 Slide 61 Rmit ethics 20130306 Slide 62 Rmit ethics 20130306 Slide 63
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Rmit ethics 20130306

  1. 1. Laugh Cry Anger Disbelief Horror Relief Belief Happy Sad
  2. 2. How ethical are you? - 1 You have bought something in a store. When you have left you discover that you have been given the wrong change – instead of giving you $10 you have been given $20 • Keep the cash • Or return it to the store
  3. 3. How ethical are you? - 1 If you return the money would it be because: • It is wrong not to return someone else’s money • It would not be fair to the shop assistant / owner • You might get found out and prosecuted for theft.
  4. 4. • • •
  5. 5. • • • •
  6. 6. • • •
  7. 7. • • • •
  8. 8. Business Ethics Ethics Definition Business (and) Ethics
  9. 9. What are Ethics ?
  10. 10. top 1% of lookups and is the 51st most popular word on Merriam-Webster.com a guiding philosophy the principles of conduct governing an individual or a group <professional ethics> a set of moral principles : a theory or system of moral values the discipline dealing with what is good and bad and with moral duty and obligation
  11. 11. branch of knowledge that deals with moral principles moral principles that govern a person’s behaviour or the conducting of an activity
  12. 12. • virtues (such as justice, charity, and generosity) to act in ways that benefit both the person possessing them and that person’s society Aristotle • concept of duty central to morality: humans are bound, from a knowledge of their duty as rational beings, to respect other rational beings Kant • asserts that the guiding principle of conduct should be the greatest happiness or benefit of the greatest number Utilitarianism
  13. 13. rongryte
  14. 14. rongryte
  15. 15. 3 Levels of code Code of Business Ethics Business Conduct Professional Practice
  16. 16. Values Stakeholders Publicly available How to implement Guidance
  17. 17. Rules Employees Internal (Not Public) Compliance Guidance
  18. 18. Rules Professions Members / Public Compliance Guidance
  19. 19. Ethics and accountants ALL – different moral philosophies: • Our PRINCIPLED CONCIENCE – we do the right thing because it is fair • Our SOCIAL CONCIENCE – we decide what is right by considering the consequences on others • Our RULES CONCIENCE – we do not need to think because rules tell us what is right and wrong
  20. 20. CIMA’s standards and ethics • The concepts of ethics, social responsibility and sustainability are not new to our business. • Ethics and CIMA’s adopted code sit at the core of the practice of management accountants, are embedded in our values and are a key component of our qualification and professional recognition
  21. 21. Professionalism and ethics • Integrity • Objectivity • Professional competence and due care • Confidentiality • Professional Behaviour
  22. 22. Integrity • Straightforward • Honest Objectivity • Not to allow one’s professional or business judgement to be overridden by: • Bias • Conflict of interest • Undue influence
  23. 23. Confidentiality • Maintain confidentiality Professional Behaviour • Obligation to comply with relevant law and regulations • Avoiding any action that discredits the profession
  24. 24. Professional Competence and Due Care • Maintaining professional knowledge and skills • Ensuring sound and independent judgement
  25. 25. Professionals and ethics www.cassknowledge.com/research/article/trust-and-values-city Those who are members of professional institutions tend to feel more personally engaged in handling ethical issues, whereas those who are not members of a professional body tend to look to their employer's senior management for action
  26. 26. Sustainability pitfalls “If ... You can't be a good example, then you'll just have to be a horrible warning.” When individuals act with out the long term view and ethical failures come to light the result is a loss of public trust, brand damage, impact on market value, and, often increase in regulations Examples:
  27. 27. Ethics Survey Majority of organisations have codes and supporting initiatives
  28. 28. An average of 80% have a code of ethics globally – and this is reflected in different markets Does your organisation provide a code of ethics or similar document to guide staff about ethical standards in their work? Ethics Survey
  29. 29. Do you ever feel under pressure from your colleagues or manager to compromise your organisation’s standards of ethical business conduct? One third of respondents may feel under pressure from colleagues or managers to compromise their organisations’ standards Ethics Survey
  30. 30. Pressures vary across markets, perhaps reflecting challenges in external operating environment Do you ever feel under pressure from your colleagues or manager to compromise your organisation’s standards of ethical business conduct? Ethics Survey
  31. 31. 444444 Key findings – Role of the management accountant  Being guided by ethical conduct is key  83% view it as a part of their role. Of these, over one in four see it as a major part To what extent is managing your organisation’s ethical performance a part of your role now?
  32. 32. 454545 Key findings  There are many ways that they contribute, primarily upholding the code of ethics What ways do you contribute to management of ethical performance
  33. 33. Finance and fraud • A typical fraudster is male, aged 36 to 45, holds a senior job in finance, has worked for his company for more than a decade and acts in collusion with a partner • Examples: mis-statement of financial results, theft and expense abuse • Most fraudsters work in their company's finance department (32%), • After finance, fraudsters are most likely to work in the chief executive's or managing director's office (26%, up from 11% in 2007) or in operations and sales (25%) KPMG: analysis of global patterns of fraud 2011
  34. 34. Finance and fraud • Big jump in the number of cases involving the exploitation of weak internal controls – up to 74% in 2011 from 49% in 2007” • But personal greed remains the prime motivation for fraud, followed by pressure to reach tough profit and budget targets • There tends to be less fraud in companies that make intolerance of fraud part of the corporate culture and which set realistic and achievable targets for employees
  35. 35. Benefits of ethical business: Corporate return Improved employee relations High performance corporate culture Understanding Stakeholders’ needs Responding to environmental agenda Business sustainability
  36. 36. Ethical Dilemmas Case study: exam results
  37. 37. Case study: withholding information You are a CIMA member who is a non-executive director of a large services company. The board of directors meets on a monthly basis to discuss the quarterly forecast and other business issues. It is the responsibility of the finance director to distribute papers at least two weeks prior to the date of the meeting. These papers should first be signed off by the CEO. Recently documents have only been received a day before the meeting. You have raised this with the finance director who has stated the delay is due to the sign-off by the CEO. You do not feel that you are given sufficient time to review the papers, and also believe the information that is available is not complete and therefore difficult to fully appraise. The CEO is a very dominant character and many members of the board are nervous about broaching the matter..
  38. 38. Ethical Conflict Questions 1. What are the ethical issues facing the member? 2. Which of the fundamental principles of the Code are relevant? 3. What are the threats to the principles? 4. Is there any further information needed? 5. What courses of action are available? What would you do next?
  39. 39. How do we support it? • Research/publications • Roundtable / focus group events • Help lines • Web presence & resources • Oversight of members and students
  40. 40. How do we deliver it? • Setting standards • Approval by external regulators • Licensing / Annual monitoring - CPD • Oversight of members and students

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