Ethics, Accounting and Business DecisionsEssay title: Ethics, Accounting and Business DecisionsEthics, Accounting and Business DecisionsIn the article “Business and Accounting Ethics” written by Dr. K. T. Smith and Dr. L. Murphy Smith, the authors affirm the need for ethics and decision-making in accounting due to recent unfavorable business practices. They stress the importance of maintaining and implementing regulations for professional conduct for public and private accountants. In addition, they raised question, “What is my highest aspiration? The answer might be wealth, fame, knowledge, popularity, or integrity. Nevertheless, if integrity is secondary to any of the alternatives, it will be sacrificed in situations in which a choice must be made. Such situations will inevitably occur in every persons life.” (Smith, 2003)
The Ethics, Accounting and Business Decisions Essay. A new book that aims to address the issue of how people should conduct ethical business. Author and Chief Economist, Jonathan S. Smith, author of Decision Making. New York: Oxford University Press. Author of Ethics, Economic Behavior, and Public Policy: Essay Series. Published by the Foundation for Ethics in Financial Administration. Available here. Retrieved from http://www.faa.org/articles/a-new-book-that-aims-to-address-the-issue-of-how-people-should-conduct-ethics/ About the Author: Jonathan S. Smith, Executive Director, Foundation for Ethics in Financial Administration is one of the leading scholars on ethical writing. The University of Chicago Professor of Economics and director of the Foundation for Ethics in Financial Administration’s Office of Ethics Practices, S. Smith covers ethical topics from financial economics to financial markets. He was named the 2008 World Prize for Economists. Prior to joining the Foundation for Ethics in Financial Administration (FSAFI), Smith served as President of the Financial Services Association from January 2000 to March 2004 in Brussels, Belgium. After serving as Secretary of State from 1983 to 1995, Smith went on to be Vice President of Financial Markets at the National Institute of Justice. This position has since been described as “the intellectual equivalent of the Reagan White House” by the World Bank. He graduated from Fordham University in 1973 with a degree in finance and the Business Administration at Columbia. In his final undergraduate work at the University of Texas and in his final year at Baylor, Smith published a book that brought together many of the best essays in ethics dealing with the financial market that he cofounded and later produced. This book was the basis for the new book—Ethical Business for Everyone by Dr. T. T. Smith. The book explores the question, “What makes us ethically responsible?” and explains the various facets of ethical business and its role in business governance. The book was based on Smith’s research on accounting from his years as an accounting professional. In particular, Smith has focused heavily on the relationship between government accounting responsibilities and executive budget proposals. Additionally, he considers the role of business regulations in business decisions. As a researcher and the author of a number of seminal books on the nature of government accounting, Smith has a long and proud tradition of helping corporations make ethical decisions. In fact, he has been the recipient of a Forbes Billionaires list of 2010 and a Forbes 100 Most Valuable Business Economist 2008. To hear his review of his 2013 book, The Ethics, Accounting and Business Decisions Essay by Jonathan S. Smith, see his website here. The author also discusses with The Federal Reserve News how the Fed has failed to “engage sufficiently with the markets” about their financial practices or how it should be more transparent about financial oversight. The opinions expressed by the authors are
The Ethics, Accounting and Business Decisions Essay. A new book that aims to address the issue of how people should conduct ethical business. Author and Chief Economist, Jonathan S. Smith, author of Decision Making. New York: Oxford University Press. Author of Ethics, Economic Behavior, and Public Policy: Essay Series. Published by the Foundation for Ethics in Financial Administration. Available here. Retrieved from http://www.faa.org/articles/a-new-book-that-aims-to-address-the-issue-of-how-people-should-conduct-ethics/ About the Author: Jonathan S. Smith, Executive Director, Foundation for Ethics in Financial Administration is one of the leading scholars on ethical writing. The University of Chicago Professor of Economics and director of the Foundation for Ethics in Financial Administration’s Office of Ethics Practices, S. Smith covers ethical topics from financial economics to financial markets. He was named the 2008 World Prize for Economists. Prior to joining the Foundation for Ethics in Financial Administration (FSAFI), Smith served as President of the Financial Services Association from January 2000 to March 2004 in Brussels, Belgium. After serving as Secretary of State from 1983 to 1995, Smith went on to be Vice President of Financial Markets at the National Institute of Justice. This position has since been described as “the intellectual equivalent of the Reagan White House” by the World Bank. He graduated from Fordham University in 1973 with a degree in finance and the Business Administration at Columbia. In his final undergraduate work at the University of Texas and in his final year at Baylor, Smith published a book that brought together many of the best essays in ethics dealing with the financial market that he cofounded and later produced. This book was the basis for the new book—Ethical Business for Everyone by Dr. T. T. Smith. The book explores the question, “What makes us ethically responsible?” and explains the various facets of ethical business and its role in business governance. The book was based on Smith’s research on accounting from his years as an accounting professional. In particular, Smith has focused heavily on the relationship between government accounting responsibilities and executive budget proposals. Additionally, he considers the role of business regulations in business decisions. As a researcher and the author of a number of seminal books on the nature of government accounting, Smith has a long and proud tradition of helping corporations make ethical decisions. In fact, he has been the recipient of a Forbes Billionaires list of 2010 and a Forbes 100 Most Valuable Business Economist 2008. To hear his review of his 2013 book, The Ethics, Accounting and Business Decisions Essay by Jonathan S. Smith, see his website here. The author also discusses with The Federal Reserve News how the Fed has failed to “engage sufficiently with the markets” about their financial practices or how it should be more transparent about financial oversight. The opinions expressed by the authors are
In exploring the article, the author’s show how ethical behavior is the utmost important factor in maintaining professional conduct in the business environment; including accounting practices. According to the article, “The purpose of ethics in business is to direct business men and women to abide by a code of conduct that facilitates, if not encourages, public confidence in their products and services.” (Smith, 2003)
So what is ethics? “Ethics (from the Ancient Greek “ethikos”, meaning, “arising from habit”), a major branch of philosophy, is the study of value or quality. It covers the analysis and employment of concepts such as right, wrong, good, evil, and responsibility.” (Wikipedia, 2006)
Ethics in accounting affect and relates to all positions in a business. These ethics guide us to make the right choices. The influence of decision-making can be based on a person’s principles, beliefs, life and culture. The people around us will influence our own method of decision-making in our daily existence in the organizations where we work.
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