Busn Law Midterm

Front 1

Ethical Perspectives

Back 1

1. golden rule
2. ten commandments
3. formalism (deontology): absolute standards of conduct and behavior
4. consequentialism (teleology): relative standards of conduct and behavior

Front 2

Immanuel Kant

Back 2

developed theory of duty-based ethics

duty exists absolutely to "do the right thing" - the obligation was paraphrased as a "categorical imperative"

Front 3

Jeremy Bentham

Back 3

Argued the end justifies the means - choices should be made that benefits the greatest number of people

Front 4

Adam Smith

Back 4

if each individual works to benefit their own personal interest, the total result will be beneficial to society as a whole

the "invisible hand"

Front 5

John Stuart Mill

Back 5

theory of utilitarianism - includes both physical and spiritual.

and individual should act as they please without infringing on others rights

Front 6

Sarbanes-Oxley Act

Back 6

complex piece of legislation passed by Congress in classic reactionary style to perceived gargantuan corporate misdeeds.

very little new requirements were presented except for the creation of another administrative/bureaucratic layer

best example of moral indignation passed at law in past decade

Front 7

Sarbanes-Oxley Act Provisions

Back 7

1. whistle blower and squealer protection systems required in publicly traded companies
2. such companies must disclose certain financial and accounting info on a set schedule to the SEC
3. companies are fined/punished for failure to comply
4. Company presidents, CEO's and CFO's are responsible for accuracy of reports
5. companies/officers can be sued in private litigation for misdeeds
6. auditing of public companies by accounting firms is under the watchdog eyes of the PCAOB and these firms must adhere to the rules of auditor independence and document retention and destruction