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Businesses and the accounting profession have never been under such close ethical scrutiny because of the ethics scandals that have prevented organizations and people from reaching their objectives. Understanding why ethical behavior is so important to success and knowing potential pitfalls are key to your own success. Business & Professional Ethics for Directors, Executives & Accountants, 9e demonstrates that it's not just about learning rules. You must learn how to use ethical strategies, make ethical decisions, and integrate the latest information on ethics and governance scandals, legal liability and professional accounting and auditing issues. You must understand why developing an ethical corporate culture is essential to maintaining stakeholder support, and for auditors to audit financial statements. To keep learning interesting and underscore the importance of ethical issues, this edition provides more than 130 cases, including classic frauds, bankruptcies, loss of reputation, and unprofessional practices. Cases provide excellent opportunities for role playing and for developing your understanding of soft skills, including communications, persuasion, presentation, leadership and a global mindset.

Business and Professional Ethics

CHAPTER 1 ETHICS EXPECTATIONS

The Ethics Environment for Business: The Battle for Credibility, Reputation & Competitive Advantage

New Expectations for Business

Responses & Developments

The Ethics Environment for Professional Accountants

Managing Ethics Risks & Opportunities

Questions

Reading Insights

References

Case Insights

ETHICS CASES involving (number of cases):

Improper Behavior (5)

Advertising & Sales promotion (4)

Financial Transactions (2)

Control of Information (2)

Concerning the Environment (3)

Product Safety (5)

Accounting & Auditing (2)

CHAPTER 2 ETHICS & GOVERNANCE SCANDALS

Ethics & Governance: A Timeline of Important Events

Ethics & Governance: The Early Developments Prior to 1970

Ethics & Governance: 1970-1990

Ethics & Governance: The Modern Era-1990 to the Present

Significant Ethics & Governance Scandals & Events

Signs of Ethical Collapse

Ethics & Governance: Trends

Ethics & Governance: Timetables of Important Events, 1929-2019

New sections:

Unethical Bank Cultures Produce Scandals

#MeToo Movement Reaches a Tipping Point

Harmful Products Draw Huge Settlements and Change Perspectives

Accounting Crises lead to Re-imagination of Professional Accountant's Role

U.S. Business Roundtable Statement Signals Acceptance of Stakeholder Interests

Useful Video & Films

Questions

References

Case Insights

ETHICS CASES:

Enron, Arthur Andersen, Worldcom

LIBOR Manipulations, Deutsche Bank's Cultural Disaster

Bernie Madoff Scandal

Wal-Mart Bribery, GM Ignition Faults, VW Cheats on Emissions Tests

General Motors installed faulty ignition switches

Takata air bags explode injuring passengers with metal shrapnel

Volkswagen software defeats environmental exhaust emissions testing

Valeant Pharmaceuticals and Turing Pharmaceuticals bought drugs and jumped prices

CHAPTER 3 ETHICAL BEHAVIOR-PHILOSOPHERS' CONTRIBUTIONS 127

Ethics & Moral Codes

Ethics & Business

Self-Interest & Economics

Ethics, Business & The Law

Major Ethical Theories Useful in Resolving Ethical Dilemmas

Moral Imagination

Questions

Case Insights

Useful Video & Film

References

ETHICS CASES about improper behavior (7)

John DeLorean's Overcommitment to His Company

Google's Tax Minimization Strategy: Utilitarian Consequences

New York Times Dual Class Share Structure: Distributive Injustice?

Ben and Jerry's Application of the Rawlsian Difference Principle

Merck and River Blindness: Justice as Fairness

Beach-Nut Nutrition Corporation and Blind Corporate Loyalty

Johnson & Johnson's Worldwide Recall of Tylenol: Virtue Ethics

CHAPTER 4 PRACTICAL ETHICAL DECISION MAKING

Introduction

Motivating Developments for Ethical Learning

Ethical Decision Making Framework (EDM)-An Overview

Philosophical Approaches-An Overview: Consequentialism (Utilitarianism), Deontology, & Virtue Ethics

Sniff Tests & Common Heuristics-Preliminary Tests of Ethicality

Stakeholder Impact Analysis-Comprehensive Tool for Assessing Decisions & Actions

Stakeholder Impact Analysis: Modified Traditional Decision-Making Approaches

Integrating Philosophical & Stakeholder Impact Analysis Approaches

Other Ethics Decision-Making Issues

A Comprehensive Ethical Decision-Making Framework

Conclusion

Questions

References

Illustrative Applications & Case Insights

ILLUSTRATIVE APPLICATIONS (4)

ETHICS CASES About:

Harm to individuals (4)

Harm to the environment (1)

Governance decisions (3)

CHAPTER 5 CORPORATE ETHICAL GOVERNANCE & ACCOUNTABILITY

Modern Governance & Accountability Framework-To Shareholders & Other Stakeholders

New Expectations-New Framework to Restore Credibility

Corporate Governance Overview

Accountability to Shareholders or Stakeholders?

The Shareholder Value Myth

Governance for Broad Stakeholder Accountability

Guidance Mechanisms-Ethical Culture & Code of Conduct

Threats to Good Governance & Accountability

Misunderstanding Objectives & Fiduciary Duty

Failure to Identify & Manage Ethics Risks

Conflicts of Interest

Key Elements of Corporate Governance & Accountability

Compelling Evidence for the Development of an Ethical Corporate Culture

Developing, Implementing, & Managing an Ethical Corporate Culture

Corporate Codes of Conduct

Ethical Leadership

Corporate Psychopaths

Director & Officer Liability

Public Accountability Benchmarks

Conclusion-Toward a Culture of Integrity

Questions

Case Insights

Reading Insights

References

ETHICS CASES on:

Ethical Corporate Culture (4)

Ethical Leadership (3)

Bribery (4)

Corporate Governance & Managerial Opportunism (5)

Fraudulent & Questionable Financial Reporting (7)

Stock Market (7)

Product Safety (2)

APPENDIX A: Alternative Governance Theories

Sears Compensation Plan Backfires

Wells Fargo Suffers from an Unethical Culture

Johnson & Johnson Credo

Spying Scandal at Credit Suisse: Ethical Leadership?

CHAPTER 6 PROFESSIONAL ACCOUNTING IN THE PUBLIC INTEREST

Purpose of the Chapter

Professional Accounting's Traditional Role

Historic Shortfalls in Meeting Professional Expectations

Professional Accounting and the Public Interest

Implications for Services Offered

Judgment & Values

Sources of Ethical Guidance

Professional Codes of Conduct

Conceptual Framework for Assessing Threats to Compliance

Conflicts of Interest:

Threats to Independence

Assessment using the Conceptual Framework Approach

A Stakeholder Impact Analysis

Affecting Services Offered

Involving Improper Use of Influence

Involving Use or Misuse of Information (Confidentiality)

Questionable Tax Services & Practices

Laws & Jurisprudence

Moral Courage Is Vital to Professional Accounting: Globalization Heightens the Requirement

When Codes & Laws Don't Help

Broadening Role for Professional Accountants

Conclusion

Questions

Reading Insights

Case Insights

References

ETHICS CASES:

Famous events and scandals (5)

Professional & Fiduciary Duty (13)

Accounting & Auditing Dilemmas (11)

Fundamental Accounting & Auditing Issues Cases (3)

Tax & Regulatory Cases (7)

Transfer Pricing by Apple

The Business Reality Test for Transfer Pricing

Tax Inversions: Deal or No Deal

CHAPTER 7

MANAGING ETHICS RISKS & OPPORTUNITIES

Ethics Risks & Opportunities:

Identification & Assessment

Management & Mitigation

Stakeholder Accountability

Key Ethics Risk Issues & Tools;

Workplace Ethics

New Section: Freedom from Sexual Harassment (#MeToo Movement)

Whistleblower Programs & Ethics Inquiry Services

Fraud & White Collar Crime

New Section on Forensic Accounting

Bribery & International Operations

New Section on Money Laundering

Crisis Management

Conclusion

Questions

Case Insights

Reading Insights

References

ETHICS CASES about:

CSR Cases-Environmental Issues (3)

Workplace Ethics Cases

Discrimination & Abuse (6)

Spying (2)

White Collar Crime (3)

Bribery & International Operations Cases (10)

Risk & Crisis Management Cases (7)

APPENDIX A: Ethics Audit Program Annual Audit Questions

Bribery by Lockheed Corporation Spawns the U.S. FCPA

Niko Resources - Canada's First Significant Bribery Prosecution

Daimlerchrysler Subject to Bribery U.S. Laws

CHAPTER 8 SUBPRIME LENDING FIASCO-ETHICS ISSUES

The Economic Train Wreck-A Global Disaster

Stages of the Subprime Lending Fiasco

How Did the Subprime Lending Crisis Happen?

Ethics Issues-The Subprime Lending Fiasco

Ethics Lessons

Questions

Case Insights

Useful Videos & Films

References

ETHICS CASES about:

Questionable ethical values (1)

Conflicts of interest (4)

Accounting manipulation (2)

Morale courage (1)

A Subprime Mortgage-Backed Security Gone Awry

Investment Bankers in the Movies

How Much Were the Investment Bankers Paid during the Crisis?