Brief introduction and background to the study:
This topic consists of the ethical issues that are generally carried out in the financial sectors and thereby the issues regarding the business ethics are generally notified with keeping in view the considerations of the societal objectives. The culture is seemed to be focused on the financial sector industry which helps in the consideration of financial sectors issues regarding the ethics the project focuses on the building of the financial system in a more ethical manner (Akman and Mishra, 2009). With the mitigation of the issues the ethics clearly, it helps in focusing on the regulation and the supervision of the financial system in a more appropriate manner. This topic also provides the vision for the creation of the change of the compliances in order to create the promotion of real value and also provides the vision of the ethics in finance.
The objectives of this study also focus on the following:
Company primarily function on several core aspects, ethical issue for maintaining the code of conduct on the basis of ethical principles and code of conduct of the company help the company to earn positive image in the society the company is primarily operating (Hoffmann and Sung, 2005).
Ethical issues facing the sector
In the financial sector, one of the major ethical issues faced is by the investor or the users of the finical statatement. The financial statement is basically consisting of three basic elements which are balance sheet, income statement and cash flow statement (Quigley, 2005). All the three financial statement help to throw light on the company overall profit and loss figure along with that future suitability aspect of the company is also determined by the financial statement. Misrepresentation of the any three financial statements wills leads to a chaotic situation for the user of financial statement. Therefore to manage and control the authenticity of the financial statement audit is done either internally or externally to assure the quality of the annual report which eventually help to manage and maintain the ethical code of conduct (Howell, 2011). Ethic help to provide a set of code of conduct which help to throw light on the company positive image in the market. The key ethical issue arise in the financial se cctor is from the falsification or manipulation done by users or auditor of the company to misleads their company investor and other key stakeholders.
The sustainability focus of the sector is primarily done ad implemented by the company board of director who develop the guideline and set of code of conduct which help the company to follow and manage it accordingly to maintain their brand image in the market. The maintenance of ethic is primarily attain by provide a brief training session for team which help them to boost their moral and motivate them to work in an environment which is ethically good which is eventually reflected in the kind of product the company produces (Jones, 2011). Sustainability focus of the financial sector is primarily dependent on the company ability to set the guideline and for managing it overall quality of preparation of annual report and publishing it with auditor approved. Focussing on the sustainability aspect is directly proportional to focusing on the investor and other key users of the financial statement. As it help to prepare the mindset for the company and the users of the annual report that the company is very much loyal and ever cheats on their respective investor by publishing manipulated or vague annual report (Okike, 2007). As publishing a manipulated and vague financial report leads to the decline of the rate of investor and thus has the negative impact on the company brand image in the market.
Major stakeholders of the company are segregated under two categories internal and external stakeholders. The internal stakeholders are the company inside users of the financial statement. The internal stakeholders of the company are the management, employees and auditors (Kizza, 2013). Internal stakeholders are the company inside users of the financial statement and managing the ethic while preparing the financial statement are under their hand which is why the company stakeholder whose who are related internally are very much important during the preparation of annual report (Lemieux and Prates, 2011). The company external stakeholder are the users of the annual report such as investor, suppliers, etc. these people are the avid users of the annual report and look for the auditor team and their reputation as the audit team is primarily responsible for the preparation of the annual report. External auditor plays an important role as it is signified as maintain the code of ethics.
Factor which drive to manage the ethical environment of the company more effectively and efficiently is considered to be depend on the decision making process of the company. The decision making of the company whether it is from the internal stakeholder or the external stakeholder help the company to gain positive brand image in the market (Mandri-Perrott, 2013). Thus help the company to grow more. However some of the other key factor which drive the ethic management in the business effective are as follows,
1. Consequentialism: Which is also termed as teleology is considered to be one of the most practical but cumbersome to prepare and calculate.
2. Integrity: maintain the integrity of the financial reporting by auditor is considered to be one of the major factors.
3. Duties and principle: duties and the principle help to set the guideline and rule to manage control the ethic during the preparation of the financial report by the company. Correct action and the right measure help to avoid the manipulation of the financial report (Okike, 2007).
The management of business ethics has helped the financial sector in a vast way. The identification of the ethical issues is very much crucial for the enhancement of the industry as well as the identification of the misconducts that are usually noticed in the financial sectors. It also provides the way for the mitigation of the barriers which helps in the creation of the tactics for overcoming the problems and the issues of the ethics. Ethics in the financial sectors helps in the destruction of the financial cultures with the identification of the changes of the attitudes, beliefs, behavioral patterns and the languages (Hatfield, 2011). The management of these factors becomes the essential part for the mitigation of the ethical conduct and thereby the conduct of the responsibility with the creation of the conceive, execution and the benefits helps in avoiding the misconducts or the ethical issues in the financial sectors. It also helps in avoiding the illegal cultural practices with the creation of the system of the punishments in the form of the lawful actions.
This project provides the overall view of the ethical issues that are related to the financial sectors. It also helps in focusing on the objectives that are provided in the part of the introduction helps in covering the major areas of the financial sector issues (Claassen, 2007). It also thereby helps in providing the appropriate satisfaction of the findings with the provision of the explanation with the provision of the cases. It also helps in the enhancement of the issues with the representation of the appropriate analysis of the ethical issues. The main limitations of this study determine the main weakness of this study which is the time and the cost factors. The time factor proves to be a kind of the barrier with the consideration of the cost factor.
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Lemieux, F. and Prates, F. (2011). Entrepreneurial terrorism: financial strategies, business opportunities, and ethical issues. Police Practice and Research, 12(5), pp.368-382.
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Quigley, M. (2005). Information security and ethics. Hershey PA: IRM Press.
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