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Sarbanes-Oxley Act: The Role Of Ethical Practices In Business

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In today business world, it is about making a profit. Some companies have managerial staff whose focus is primarily on profit building. A profit is produce when there is an excess in income over operational and expenditures cost. In an essence, the ability to produce goods or services at a lower cost to maximize income output for a company. As businesses incur revenue, there are challenges and social responsibilities that come along with it. What are some of these challenges and how do business deal with them? Competing to obtain a profit can make some companies lose sight of the ultimate goal of keeping the customers safe, happy, and satisfied to ensure their repeat business. As a result, this may open the door for unethical practices to come in. Companies that practice unethical behaviors can jeopardize trust; affect the economy and surrounding factors such as suppliers, consumers, cost, and maybe confronted with social responsibilities in a negative way to the company. For instance, in the textbook, An Introduction to Business Ethics, by Joseph DesJardins, he gives reference to a scandal that involved fraudulent interest rate practices. This issue of the unethical fraudulent banking practices has …show more content…

In addition to compliance officers, Congress passed the Sarbanes-Oxley Act in 2002. The textbook discuss section 406 of Sarbanes-Oxley Act as it refers to the “Code of Ethics for Senior Financial Officers,” and the standards, regulations, rules, honesty, along with ethical values use to promote it (DesJardins, 2014). If unethical acts are performed, there are many unfavorable consequences, for instances the reputation of company, company can forfeit their position in the marketplace, and employees can even be incarcerated, according to the textbook. It is clear to maintain a profitably business one must make ethical

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Not only can the corporation be held accountable, but also its individuals (executives, officers, and advisers). Willful wrongdoers can face jail time of up to 20 years, which helps deter some offenders from committing fraud. In addition public corporations were forced to strengthen their compliance program. The restructuring of internal policy and controls has increased investor protection; restoring some faith in the financial sector. Officers, executives and directors are required to sign off on SEC filings and accounting documents, certifying the accuracy of financial statements.

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1.) Why did you choose this particular profession, career, company, etc.? I chose Chick fil a for the Code of ethics because chick fil a is a popular fast food restaurant that serves the best quality, and customer service against the big top competitors that have been in the industry for a longer period of time. I do not work for Chick fil a so I thought it would be interesting to learn more about the company since i frequently dine there. 2.)

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In the case of Wells Fargo, the organization's cooperate culture pushed aside moral and ethical mindsets in an effort to simply meet the company's goal expectations for opening new accounts. Additionally, ramifications were felt by employees who blew the whistle on the activity through the corporate ethics lines as they were terminated for raising concerns about the organizations business practices. (Eagan, 2017) This aspect of the scandal is still playing out in a the courts as several ex-employees are filing lawsuits because of the actions by Wells Fargo. The organization's management allowed and promoted an environment that lacked ethical behavior and depleted moral standing with the employees.

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Business ethic is a moral principle that leads the way of each business action. In today business, when it is time to make decision, both company and individual will make it by using ethic as a tool. Ethic can be separated into two parts, which are right and wrong. The job of business is to choose the right choice for the business. In addition, it is extremely easy to identify the unethical business practices, for example; companies use child labor, companies engage in bribery, and companies unlawfully use copyright materials.

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Josh Shubin 3/31/15 Writ 340 Prof. Ramsey Walsh Construction Many compaines promise the world on their websites, making themselves appear to be the end all solution for a consumers need.

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Introduction Having a code of ethics are rules carried out in a healthcare setting that allow employees to make the right decision under any circumstances which include the strong work ethics, excellent care to the patient, employees, and staff members. In healthcare practices, the compliance is making sure that everyone follows the law, rules, the regulations, and the policies internal to incorporations. It 's foundational because you can have a compliance program without an ethics program but you can 't have an ethics program without a program of conformity. Every company should start with a foundation to follow the rules that are laid out which is an important part of the compliance piece. The ethics piece is more of the intention after

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One of the main reason why Enron still keeps these codes of ethics, despite not using it was to build trust in the customers/investors. Kenneth lay , former chairman would go on to be quoted in books, seen promoting these code of ethics. (sources) Just like many other companies, showing code of ethics was a way for the company to gain trust from investors, to eventually have business and gain profit with them. This is beneficial for the company.

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In this Enron Scandal ,several moral issues and values are being discussed .The moral issues is the misconduct of code of ethics by management level of a corporation , violation of code of professional ,ethical dilemma that faced by a management level when involved own interest . The first moral issues that discussed in Enron Scandal is misconduct code of ethics by management level of a corporation .In this case ,the mastermind of this scandal is the company CEO , Mr .

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