Baring Collapse Essay

6007 Words Apr 26th, 2016 25 Pages
TISSA – UUM

SECOND SEMESTER SESSION 2015/2016

BKAA2013 AUDITING AND ANSURANCE 1

GROUP ASSIGNMENT
BARINGS COLLAPSE

GROUP C

PREPARED TO: DR. ROSE SHAMSIAH BT SAMSUDIN

PREPAED BY: NAME | MATRIC NO. | CHAN KHAI QING | 233058 | TAN JIE YING | 233076 | YAP YEE WAN | 233152 |

SUBMISSION DATE: 15 MAY 2016
TABLE OF CONTENTS 1.0 Case Summary 1 2.0 What are Ethics? Generally, why do people act unethically? 2 3.0 Justify why is there a special need for ethical conduct in professions including those in the accounting and auditing related field? 6 4.0 Discuss how the Barings collapse serves as an example of failed internal controls and governance within organization. 13 5.0 Conclusion 20

1.0 Case Summary
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Ethics covers the following dilemmas which are how to live a good life, our rights and responsibilities, the language of right and wrong and moral decisions - what is good and bad? Our concepts of ethics have been derived from religions, philosophies and cultures. They infuse debates on topics like abortion, human rights and professional conduct.
If ethical theories are to be useful in practice, they need to affect the way human beings behave. Some philosophers think that ethics does do this. They argue that if a person realises that it would be morally good to do something then it would be irrational for that person not to do it. But human beings often behave irrationally, they follow their 'gut instinct' even when their head suggests a different course of action. However, ethics does provide good tools for thinking about moral issues.
Most moral issues get us pretty worked up - think of abortion and euthanasia for starters. Because these are such emotional issues we often let our hearts do the arguing while our brains just go with the flow. But there's another way of tackling these issues, and that's where philosophers can come in - they offer us ethical rules and principles that enable us to take a cooler view of moral problems. So ethics provides us with a moral map which a framework that we can use to find our way through difficult issues.
Using the framework of ethics, two people who

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