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Ethics Notes For CA IPCC

Business Ethics
  •      Business  Ethics is the branch  that examines as to what is right or wrong in the context of  business.
  •          It  requires  application  of  ethical  principles  to  ethical  problems  and  issues  that  arise  in  a  business environment.
  •       These  are  written  or  unwritten  codes  of  principles  and  values  that  govern  decisions  and  actions in a business or commercial environment.
  •       It is generally said that business & ethics are contradictory in practical sense because of the inherent  inconsistency  between  ethics  and  the  self-interested  motive  of  profit.  On  the contrary it is now a well accepted fact that  ethical behavior creates a positive reputation that expands the opportunities for profit. 
  •     Being ethical in business requires developing code of conduct and acting with an awareness that how the same is affecting to its stakeholders & society at large. In other words, the requirements of Business Ethics are:
1.       Awareness of actions affecting its stakeholders & society
2.       Social Responsibilities
3.       Legal Responsibilities
4.       Transparency & Accountability

Trusteeship Philosophy propounded by Mahatma Gandhi
A  business  man  has  to  act  only  as  a  trustee  of  the  society  for  whatever  he  has  gained  from  the Society. Everything finally belongs to the society. "Trusteeship provides a means of transforming the present capitalist order of society into an egalitarian one". 

Social Sins by Mahatma Gandhi
Mahatma Gandhi, Father of India, promoted non-violence, justice and harmony between people of
all faiths. He stressed that people follow ethical principles and listed following seven Social Sins:
1.  Politics without Principles.    (PP)
2.  Wealth without work.      (WW)
3.  Commerce without Morality.    (CM)
4.  Knowledge without Character.    (KC)
5.  Pleasure without Conscience.    (PC)
6.  Science without humanity.    (SH)
7.  Worship without sacrifice.    (WS)

Benefits of Business Ethics
1.  Increased Brand Image & Reputation
2.  Increased Sales and customer Loyalty
3.  Increased Employee Loyalty
4.  Increased Operational Efficiency owing to increased Motivation
5.  Reduced Regulatory Supervision

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