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Introduction
Introduction
Business ethics are moral principles that guide the way a business behaves. The same principles that determine an individual’s actions also apply to business. This involves distinguishing between “right” and “wrong” and then making the “right” choice. It is relatively easy to identify unethical and illegal business practices. For example, companies should not use child labour. They must not unlawfully use copyrighted materials. They must not contravene The Bribery Act 2010.
However, it is not always easy to create similar hard-and-fast definitions of good ethical practice. A company must make a competitive return for its shareholders and treat its employees fairly. A company also has wider responsibilities. It should minimise any harm to the environment and work in ways that do not damage the communities in which it operates.
This section will help you to understand the industry guidelines but also give you case study examples to consider the ethical choices some companies have made and what this has meant for their business.
Watch
Watch
For those of you who like to learn through watching, here you will find some interesting videos that explore the process of ethics; consider ethics from the perspective of accounting; financial services and banking; and the ethics of sustainable products.
What is Ethics
What is Ethics
This short video introduces the topic process of Ethics. By questioning, discovering and defending our values, principles and purpose, we can find out who we are and and how to stay true to that in the face of temptations, challenges and uncertainty.
Exploring Ethical Challenges in Modern Accounting
Exploring Ethical Challenges in Modern Accounting
Ethics in accounting encompasses principles like honesty, integrity, transparency, objectivity, and confidentiality. These principles guide accountants in making legally compliant and morally sound decisions. Accounting ethics ensure financial information is presented accurately and fairly, serving as a moral compass.
The Importance of Business Ethics
The Importance of Business Ethics
This video covers examples of ethical dilemmas, companies involved in controversial business ethics, as well as the benefits of operating a company with high ethical standards.
What are the 7 Principles of GDPR?
What are the 7 Principles of GDPR?
What are the key principles of GDPR and how do they effect compliance?
What is an ethical bank?
What is an ethical bank?
Here, Times Money Mentor's Georgie Frost and The Savings Guru's James Blower advise reader Sabrina, a lawyer and a mum of two, on how to choose an ethical bank and how the switching process works.
5 Ways to demonstrate your integrity at work
5 Ways to demonstrate your integrity at work
Here are 5 ways you can demonstrate your integrity every day.
Read
Read
If you prefer to read, here you will find a range of resources that explore the professional code of ethics from membership bodies the CTA; ICAEW and ACCA. There is also a range of articles covering ethical banking; professional conduct and green mortgages.
Professional Conduct in Relation to Taxation
Professional Conduct in Relation to Taxation
Professional Conduct in Relation to Taxation (PCRT) sets out the Fundamental Principles and Standards for Tax Planning which all members are expected to follow. Tax advisers operate in a complex business and financial environment and a core purpose of the tax system is to fund public services and to ensure the good health of our economy and society.
The ICAEW Code of Ethics
The ICAEW Code of Ethics
The ICAEW Code of Ethics (“the Code”) is based on the ‘International Code of Ethics for Professional Accountants (including International Independence Standards)’. It sets out fundamental principles of ethics for professional accountants, reflecting the profession’s recognition of its public interest responsibility.
Code of Ethics and Conduct
Code of Ethics and Conduct
The Code of Ethics and Conduct (the Code) is binding on all members of ACCA, and any partner (or director) in an ACCA practice. However, it is also binding on the staff of such a practice, regardless of whether or not they are members of ACCA or any other professional body.
Do
Do
Now that you have taken the time to 'Watch & Read', below are two short courses from the Open University on creating an ethical organisation and influences on accounting regulation.
Understanding Ethics and Integrity
Sign up for a live online Skills Session. Our 2-hour online sessions, encourage active participation allowing you to exchange ideas with tutors and fellow apprentices.
By participating, you will:
Develop an understanding of ethics and integrity within the workplace.
To understand the frameworks to help learners identify potential breaches of ethics.
Apply ethical principles and frameworks to evaluate and propose appropriate actions in real-life scenarios.
Click on the link below to find out when the next session is running.
Stretch and Challenge Yourself
Stretch and Challenge Yourself
Learning to stretch our thinking skills is integral to accelerating our development. This is a really important part of the learning process, and gives you the opportunity to demonstrate your skills and show progression in your Apprenticeship.
Here are two challenges for you to pick from- should you choose to accept, this will help you to develop critical thinking, evaluation skills and encourage creativity.
Challenge 1
Select an organisation that has acted questionably and therefore had a consequence to their profits, customer perception and overall reputation.
There are many examples you could use here Facebook, Tesco, Amazon, Starbucks etc.. There is an interesting article on the right, that may give you some additional ideas 'The Ugly Truth About Unethical Business Practices'
Analyse the issues they have had and the action they took and consider how these might have been avoided.
Make recommendations that would support the company in moving forward to rebuild or mitigate future damage, justifying your recommendations. Discuss with your Talent Coach justifying your conclusion and recommendations.
Update your Learning Journal in OneFile with your evaluation and your reflections ready to discuss with your Talent Coach at your next review.
Challenge 2
To the left, you will find an article that identifies the Top 10 Ethical Brands. Select one of these brands and analyse the key factors that make this an ethical brand. Consider your company's brand evaluate the strengths and weaknesses of their brand and make recommendations as to how the organisation could improve its ethical reputation.
Discuss with your Talent Coach justifying your conclusion and recommendations.
Remember to update your training log with your reflections and conclusions. You will find these useful at End Point Assessment.
Reflect
Reflect
Reflective practice is, in its simplest form, thinking about or reflecting on what you do. It’s a really important part of learning from experience.
Within your apprenticeship you will be encouraged to reflect throughout your programme, the reason for this is two-fold.
Regular reflection will accelerate your development and help you to identify areas to develop helping you to constantly move forward.
A summary or log of your reflections on your development will be required as part of your endpoint assessment activities. These reflections should demonstrate your ability to 'critically evaluate' your performance and development.
Reflection is a skill and practice will make it easier, it should also be an enjoyable experience and a chance to concentrate on what you need.
To support you to develop this skill we have gathered a range of resources and articles to help you find a reflective model that works for you.
Click on the button below to access the Reflective Practice page for additional resources.
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