Omm 640 Week 4 Assignment

Ethical Decisions 2 When making ethical decisions it is not an easy procedure. Most people will have to consider all options and weigh out which would be best for them and all parties involved. There are multiple principles to consider. Evaluating and choosing an ethical action requires moral reasoning, the process in which individuals define whether an action is morally right. Throughout this paper we will reference the article Business Best: Bill Daniels’s Principle-Based Ethics . This document displays a great example of an ethical decision made with moral reasoning. We will discover which branch of ethical tradition Bill modeled from, which character based approach describes Bill, and different factors to motivate individuals to have higher levels of moral reasoning. A great chunk of ethical thought will be solely based on the agents characteristics and are considered in a two part tradition: : 1) a firm understanding that individuals with caring characteristics will act ethical and right, and 2) Attempting to consider the norm is second when it comes to preserving relationships or doing what’s right. Bill’s behavioral dimension within the reading displays the agent branch of ethical tradition. In reading we discover that Bill constantly strives to keep a sense of integrity when making business and personal decisions. Things that could be gathered from the reading are that Bill adopted his ethical values at an early age and have consistently upheld them. Agent-centered philosophy, which, differ from consequentialist and non-consequentialist philosophy, are more apprehensive with the general ethical status of people, or agents, and are less apprehensive to identify the morality of specific actions.

3. Discuss the issues of accounting firms going into the financial services market. The main issues affecting accounting firms that venture in the financial services market are conflicts of interest, ethics violations, and the threat of illegal insider trading. For example, a doctor, who is a partner in a pharmaceutical company, recommends a drug that his company is producing over one that more meets the needs of the particular patient and also encourages the patient to invest in that particular company . The doctor has a conflict of interest due to his being directly involved in the drug company, he has committed an ethical violation, as he has not put the patient’s need before his own, and he might possibly be committing illegal insider trading if he discloses information about that particular company to the patient. So goes the relationship between a client and the CPA in charge of their accounting. Due to the CPA having inside knowledge on other clients, steering one clients business over another’s for their own personal gain is a conflict of interest, unethical, and possibly illegal. The trust that CPA’s inherently have from their clients is a foundation that should not ever be breached. Thus the temptation to achieve personal gain is very big problem for accounting firms venturing into the financial services market.

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