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Memo Addressing Core Issues on Topic of Ethics in Finance

In: Business and Management

Submitted By obertron
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Memo addressing core issues on topic of Ethics in Finance
Winter 2011
Hsiu Chang

Ethic is useful because it makes business stable and predicable. In a game, a cheater who is not caught will continue to reap huge rewards. However, if the trend continue, it will encourage other players to cheat or leave the game because they are being driven out of business. If a business operator always has to wonder if the other side is playing by the same rule, if a customer constantly wonder if the vendor is overcharging for the invoice, then business slow down, becomes inefficient. However, many cheaters are not caught or punished. "Business Ethics" is the third episode of the fifth season of the television series The Office. One of the female purchasing officer has been sleeping with a vendor in order to get discount for the entire purchasing department, and Outback Steakhouse coupons. When this is discovered, the head of the company turned a blind eye because it is good for the balance sheet (Wikipedia, 2011). Having good ethic provides a clear conscience, and if there was an ethical problem, shared the advantage gained by cheating with the entire team will once again clear the conscience. Ethic in finance is important because it will provide a clear picture of the company. The leader of the company cannot see where the company can go if they do not know where the company is. However, accountant in a non-public company works for the leader and this agents’ fiduciary duty lies only with his or her principal. In this case, if the leaders asked the accountant to keep two set of books in order to make the company look more appealing before a public offering, then the accountant can justify this action as ethical.
I included a quote below, where the environment of business promotes questionable behaviors in some firms.
Unethical behaviour in business more...

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