Podcast
Questions and Answers
What is the primary focus of ethical decision making in the context of business?
What is the primary focus of ethical decision making in the context of business?
- Protecting the interests of stakeholders (correct)
- Maintaining a positive public image
- Ensuring compliance with laws and regulations
- Maximizing profits for shareholders
Which of the following is a characteristic of an ethical dilemma?
Which of the following is a characteristic of an ethical dilemma?
- A conflict between two or more ethical principles (correct)
- A decision that requires minimal moral consideration
- A clear right and wrong answer
- A situation where ethics is not relevant
Which of the following normative ethical theories is based on the idea that an action is right if it promotes the greatest good for the greatest number of people?
Which of the following normative ethical theories is based on the idea that an action is right if it promotes the greatest good for the greatest number of people?
- Utilitarianism (correct)
- Virtue Ethics
- Ethical Relativism
- Deontology
What is the primary purpose of the Five Tenets of ethical decision making?
What is the primary purpose of the Five Tenets of ethical decision making?
What is the difference between an ethical problem and an ethical dilemma?
What is the difference between an ethical problem and an ethical dilemma?
What is the ultimate goal of ethical decision making in the context of business?
What is the ultimate goal of ethical decision making in the context of business?
What is the primary goal of the utilitarian approach in ethical decision making?
What is the primary goal of the utilitarian approach in ethical decision making?
Which of the following is a key consideration in the utilitarian approach?
Which of the following is a key consideration in the utilitarian approach?
What is the primary focus of the deontological approach in ethical decision making?
What is the primary focus of the deontological approach in ethical decision making?
What is the purpose of the categorical imperative in ethical decision making?
What is the purpose of the categorical imperative in ethical decision making?
Which of the following approaches emphasizes the importance of fairness and justice in ethical decision making?
Which of the following approaches emphasizes the importance of fairness and justice in ethical decision making?
What is the primary goal of ethical decision making in the face of dilemmas?
What is the primary goal of ethical decision making in the face of dilemmas?
How many primary theoretical perspectives are used to make better ethical decisions?
How many primary theoretical perspectives are used to make better ethical decisions?
What is the purpose of the Five Tenets of ethical decision making?
What is the purpose of the Five Tenets of ethical decision making?
What would have been the consequence of Wessels issuing a qualified audit opinion?
What would have been the consequence of Wessels issuing a qualified audit opinion?
What is the main principle of the First Tenet?
What is the main principle of the First Tenet?
What would have been the consequence of Wessels stopping the audit and investigating the financial irregularity?
What would have been the consequence of Wessels stopping the audit and investigating the financial irregularity?
What is the main test of Tenet 2?
What is the main test of Tenet 2?
What would have been the consequence of all auditing firms ignoring financial irregularities and issuing unqualified opinions?
What would have been the consequence of all auditing firms ignoring financial irregularities and issuing unqualified opinions?
Why did Wessels' decision go against the First Tenet?
Why did Wessels' decision go against the First Tenet?
What is the primary objective of the First Tenet?
What is the primary objective of the First Tenet?
What is the test of Tenet 2 in relation to Wessels' decision?
What is the test of Tenet 2 in relation to Wessels' decision?
What question should Wessels have asked himself regarding the financial irregularity?
What question should Wessels have asked himself regarding the financial irregularity?
What is the primary purpose of the accounting and auditing profession?
What is the primary purpose of the accounting and auditing profession?
What was the consequence of Wessels' decision to ignore the financial irregularity?
What was the consequence of Wessels' decision to ignore the financial irregularity?
What is the main goal of the Tenet 5 questions?
What is the main goal of the Tenet 5 questions?
What should Wessels have considered when deciding whether to ignore the financial irregularity?
What should Wessels have considered when deciding whether to ignore the financial irregularity?
What is implied by Wessels' decision to ignore the financial irregularity?
What is implied by Wessels' decision to ignore the financial irregularity?
What is the relationship between the Tenet 5 questions and Wessels' decision?
What is the relationship between the Tenet 5 questions and Wessels' decision?
What can be inferred about Wessels' decision-making process?
What can be inferred about Wessels' decision-making process?
Which type of professional requires formal licensing and is placed above the social efficiency barrier?
Which type of professional requires formal licensing and is placed above the social efficiency barrier?
What is the primary function of professional bodies in terms of regulating entrance to the profession?
What is the primary function of professional bodies in terms of regulating entrance to the profession?
Which of the following professional bodies is NOT linked to the accounting profession in South Africa?
Which of the following professional bodies is NOT linked to the accounting profession in South Africa?
What is the primary role of an accountant who performs duties of an accountant?
What is the primary role of an accountant who performs duties of an accountant?
Which of the following is a characteristic of a 'professing' professional?
Which of the following is a characteristic of a 'professing' professional?
What is the primary responsibility of professional bodies?
What is the primary responsibility of professional bodies?
Which of the following professional bodies is responsible for administering a registration system for candidates?
Which of the following professional bodies is responsible for administering a registration system for candidates?
What is the primary distinction between an accountant and an auditor?
What is the primary distinction between an accountant and an auditor?
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Study Notes
Ethical Decision Making
- Ethical decision making is crucial in making decisions that impact shareholders and stakeholders
- It involves evaluating decisions to determine if they are ethical or not
Ethical Decisions and Dilemmas
- Ethical decisions are choices that are made with moral principles in mind
- Ethical dilemmas occur when there are conflicting moral principles or values
The Five Tenets of Ethical Decision Making
- Tenet 1: Ask yourself, who will benefit and who will be harmed? Can we make a decision that harms no one?
- Tenet 2: Can the decision or action be made into universal law that applies to everyone?
- Tenet 3: Does the decision or action protect the rights of those involved?
- Tenet 4: Does the decision or action promote the common good?
- Tenet 5: Does the decision or action make me feel like the person I am meant to be?
Five Normative Ethical Theories
- Utilitarian approach: Take the course of action that will result in the greatest benefit to the greatest number of people
- Deontological approach: Do what is right because it is the right thing to do, regardless of the consequences
- Fairness and justice approach: Consider the impact of the decision on fairness and justice
- Common good approach: Consider the impact of the decision on the common good
- Virtue approach: Consider the character and moral virtues of the person making the decision
Professional Bodies
- Professional bodies have a responsibility to protect the standing of their professions
- They regulate entrance to the profession, administer a registration system, set technical standards, and issue ethical standards
- Examples of professional bodies in South Africa include SAICA, SAIPA, CIMA, ACCA, IIA, and IRBA
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