Business ethics need to be more ingrained into corporations and CEO executives and public awareness of business ethics principles need be more firmly grounded in order to prevent another scandal such as this from occurring. However business ethics concentrations need focus on moral issues in business rather than simple political corrected ness (Berlau & Spun, 2002) teaching individuals why it is important to do the right thing not simply how to do the right thing
2002). Congress is now interested in debating and has enacted legislation that could more closely monitor auditing practices and prevent accounting firms from offering consultation services to clients that they audit (Farrell, 2002)
Congress is now interested in debating and has enacted legislation that could more closely monitor auditing practices and prevent accounting firms from offering consultation services to clients that they audit (Farrell, 2002). Many high profile companies including WorldCom have suffered similar fates as Enron, as investors have lost confidence in capital markets (Hoops, 2004)
This isn't a case of one executive acting deceitfully, but several. The companies executives should have considered enlisting the assistance of public relations counsel at the start of their decision making processes rather than at the end, which may have prevented the company from "overextending itself" from an image perspective (Lordan, 2002)
For some time people have assumed that auditors would simply act honesty to maintain their reputation, as "honesty is their most valuable asset" (Prentice, 2003: 417). Obviously the Enron scandal has tarnished this belief, because it goes against moral principle and assumptions that auditors and major corporate representatives will simply do the right thing (Lowenstein, 2003)
Discussion of the Case Once the seventh largest company in the United States, Enron collapsed in 2001, and is now considered "one of the largest corporate failures in the United States" (Veryard, 2004). What happened? Corporate executives violated the principles of moral leadership and governance, resulting in a collapse of business ethics and a scandal that would impact corporations and auditing agencies the world over (McLean & Elkind, 2003)
Overview of the Case In October of 2001 Enron executives announced they were taking a $544 million dollar after-tax "charge against earnings" related to transactions against a certain partnership with LJM2 Co-Investment, and announced it would be reducing shareholder's equity in the company by as much as $1.2 billion dollars (Powers, Troubh, & Winokur, 2002)
Long-Term Effects The reputation of big business is permanently tarnished and the very nature of capitalism called into question as a result of the Enron debacle. One of the foundations of law and economics and business in general is that for the most part people behave rationally, including a belief that for the most part companies will "fully and honestly disclose all relevant financial information" because by doing so they can raise capital inexpensively and effectively (Prentice, 2003)
S. disclosure practices and the integrity of independent audit processes" (Thomas, 2002)
This is when actuaries will look at a wide variety of sources to determine the underlying trends. (Ely, 1991, pg
Together, these elements will provide the greatest insights as to how firms are achieving a host of objectives from their social responsibility activities (including: values, ethics, philanthropy, the role of the boards of trustees, gender diversity, higher education and international governance). (Kolter, 2005, pp
Acts of corporate social responsibility can cover a wide range of operational changes, external initiatives, and charitable endeavors. According to one definition, corporate social responsibility in marketing consists of, "marketing activities which acknowledge corporate responsibilities to all stakeholders who may be affected by such activities" (Palmer: 2009)
It is doubtful their commitment to CSR is as deep as they pretend it to be. Based on how blatant the CSR violations are at Foxconn that led to multiple suicides and special safety nets being installed around the dormitory buildings (Jorgensen, 1615) Apple has a responsibility not only to their own CSR initiatives but to the industry to clear this up with decisive action
Based on how blatant the CSR violations are at Foxconn that led to multiple suicides and special safety nets being installed around the dormitory buildings (Jorgensen, 1615) Apple has a responsibility not only to their own CSR initiatives but to the industry to clear this up with decisive action. The ironic aspect of this is Apple has in the past enjoyed a very good reputation for their CSR initiatives internally and the efforts the company makes to deliver above-average performance in the care of its employees (Moskowitz, 5)
Apple needs to be very specific in their requirements, stating that workers will work a maximum of just six days straight and have a day off for rest and relaxation. Today Foxconn requires employees to work 13 straight days before they can take a single day off (Ojo, et
Yes, it will cost Apple more to hire American workers, but the public relations value it will receive by showing Corporate Social Responsibility on American soil will far outweigh any slight trimming of profits for its stakeholders. Works Cited Al Jazeera. (2012)
Americans and other technology consumers around the world have been shown a positive picture of Apple products, and Apple recently was named the wealthiest technology corporation in the world, bigger than IBM and other large corporation. However, an article in the Guardian (Chamberlain, 2011) reports that a "spate of suicides" occurred in the Foxconn plant in Shenzhen, China
Americans and other technology consumers around the world have been shown a positive picture of Apple products, and Apple recently was named the wealthiest technology corporation in the world, bigger than IBM and other large corporation. However, an article in the Guardian (Chamberlain, 2011) reports that a "spate of suicides" occurred in the Foxconn plant in Shenzhen, China
Discretionary responsibilities are the least required of the four categories, but industries -- particularly large corporations -- that do not practice them are criticized. Steve Jobs, for instance, was heavily criticized for his lack of philanthropic involvement (Whoriskey, 2011)
However, there are immoral act that may occur which may make an organization to face challenges in implementing CRS effectively. (Bowie, 1999)