Unethical Business Practices The business practices that exist within society shape the future of business practices. The professional organizations established to regulate these industries meet significant challenges. The unethical business practices that are prevalent within society reflect the individuals in the market place. These corrupt business practices impact the individuals, businesses, and consumers in the business market.
Business Standard Impacts The incorporation of corporate governance techniques continues as a primary source to improve the internal and external influences of an organization (Capriglione & Casalino, 2014, p. 17). First, there are several different concepts that have developed the structure within business …show more content…
19). First, this crucial element will ensure that transparency remains intact within the organizations internal management structure (p. 19). In addition, the organizations structure must promote the culture that demands the ethical foundation that will not adversely impact the accuracy of the financial statements (p. 19). Furthermore, the relationship that occurs throughout the structure of an organization should adhere to the basic principles of ethical practices that ensures transparency will remain intact with the business design (p. …show more content…
80) The protection of consumers dates back to the legislation pass in 1906 known as the Pure Food and Drug Act (p. 80). The issue of consumer protection continues as an important concept that will need safeguarding in the future as well. In recent times, the influence of unethical business practices continues to result in policies and procedures with the business world (Chekwa , Ouhirra, Thomas, & Chukwuanu, 2014, p. 52). First, the corrupt business practices rampant in organization such as Enron produced additional safety measures for the employees of the business (p. 52). Next, the outcome of this failure in checks and balances within the organization created additional structure to monitor the business practices within companies (p. 52). For example, the position of the chief ethics officer is a prime example that resulted from the failure that occurred in the Enron scandal (p. 52). In addition, the following are additional measures within the business world that include a committee of ethics, training on ethical communication, hotline to report unethical practices, penalties that hold employees and management accountable, investigative procedures to determine unethical practices, rewards for reporting unethical behavior, internal monitoring, and screening of employees that ensure compliance
Business Standard Impacts The incorporation of corporate governance techniques continues as a primary source to improve the internal and external influences of an organization (Capriglione & Casalino, 2014, p. 17). First, there are several different concepts that have developed the structure within business …show more content…
19). First, this crucial element will ensure that transparency remains intact within the organizations internal management structure (p. 19). In addition, the organizations structure must promote the culture that demands the ethical foundation that will not adversely impact the accuracy of the financial statements (p. 19). Furthermore, the relationship that occurs throughout the structure of an organization should adhere to the basic principles of ethical practices that ensures transparency will remain intact with the business design (p. …show more content…
80) The protection of consumers dates back to the legislation pass in 1906 known as the Pure Food and Drug Act (p. 80). The issue of consumer protection continues as an important concept that will need safeguarding in the future as well. In recent times, the influence of unethical business practices continues to result in policies and procedures with the business world (Chekwa , Ouhirra, Thomas, & Chukwuanu, 2014, p. 52). First, the corrupt business practices rampant in organization such as Enron produced additional safety measures for the employees of the business (p. 52). Next, the outcome of this failure in checks and balances within the organization created additional structure to monitor the business practices within companies (p. 52). For example, the position of the chief ethics officer is a prime example that resulted from the failure that occurred in the Enron scandal (p. 52). In addition, the following are additional measures within the business world that include a committee of ethics, training on ethical communication, hotline to report unethical practices, penalties that hold employees and management accountable, investigative procedures to determine unethical practices, rewards for reporting unethical behavior, internal monitoring, and screening of employees that ensure compliance