ESSAYS TO CRITIQUE

Essays to Critique

[Name of Instructor]

Essays to Critique

Introduction

Accountability and responsibility of an individual matters a lot at the workplace. An employee works with full devotion and his professionalism says that he should provide the business as well as the clients with every best possible thing he can. But whenever he is given with greater chances to mislead the information or do anything wrong which could bring profits to himself or his business he thinks to use that way. There are certain opportunities which if used may bring massive revenue, profits or better image in the market. All these are short term, negative and unethical ways or practices that most of the businesses do.

Discussion

For every action there is an equal but opposite reaction. In the corporate world, many of the organizations are doing unethical practices by providing false and misleading information to their stakeholders in order to get their trust and perform that intended act. But this shall be taken into consideration by the board of directors that such acts are very short sighted and they can lead to much greater negative impacts on their goodwill in the market and they may get hurt directly on their profitability (Jenkins et.al 2006, pp. 71-90). Governments and people are not fool, they are very much smart and they get to know about what have been misleaded and what not within a very short span of time. And when the information comes out from any other means other than direct communication from the organization, it results in greater costs to them. Furthermore, significant economic institutions rely on primary level of ethical corporate behavior. Misconduct can heavily damage such institutions, affecting society's social and economic progress adversely.

Government has imposed certain laws and rules which every organization has to abide by. These rules are set in order to bring a clear and transparent view of any company. No company can go beyond the set limits by the SEC (Securities and Exchange Commission). SEC takes all the responsibilities of proper documentation provided by every organization. It is a compulsory requirement on every organization to do an external audit by appropriate audit firms. It is because to provide a clear picture in the minds of the shareholders that the company is operating appropriately for the benefit of them and that they are aware of all the relevant information pertinent to that organization (Greve 1998, pp. 58-77).

Ethical failures in multinational corporations have been prominent in the world news headlines over the last decade. Accounting scandals in particular have been highlighted as many billion dollar global corporations, including Arthur Andersen, one of the five largest auditing firms in the world, collapsed under the weight of fraudulent financial reporting. Annual costs to the world economies of fraudulent financial reporting are in the billions and in the U.S. alone, corporate fraud has been estimated to cost at least $600 billion each year. In addition to the direct costs associated with financial fraud, shareholders of firms registered on the ...