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Business and Professional Ethics Leonard J. Brooks (University of Toronto)

Business and Professional Ethics By Leonard J. Brooks (University of Toronto)

Business and Professional Ethics by Leonard J. Brooks (University of Toronto)


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Business and Professional Ethics Summary

Business and Professional Ethics by Leonard J. Brooks (University of Toronto)

Businesses and the accounting profession have never been under such close ethical scrutiny because of the ethics scandals that have prevented organizations and people from reaching their objectives. Understanding why ethical behavior is so important to success and knowing potential pitfalls are key to your own success. Business & Professional Ethics for Directors, Executives & Accountants, 9e demonstrates that it's not just about learning rules. You must learn how to use ethical strategies, make ethical decisions, and integrate the latest information on ethics and governance scandals, legal liability and professional accounting and auditing issues. You must understand why developing an ethical corporate culture is essential to maintaining stakeholder support, and for auditors to audit financial statements. To keep learning interesting and underscore the importance of ethical issues, this edition provides more than 130 cases, including classic frauds, bankruptcies, loss of reputation, and unprofessional practices. Cases provide excellent opportunities for role playing and for developing your understanding of soft skills, including communications, persuasion, presentation, leadership and a global mindset.

About Leonard J. Brooks (University of Toronto)

Leonard J. Brooks is Professor of Business Ethics & Accounting at the Rotman School of Management of the University of Toronto. He is the Director of the Professional Accounting Centre, and the Master of Forensic Accounting Program (formerly the Diploma in Investigative & Forensic Accounting Program) at the University's Institute for Management & Innovation. Professor Brooks served 14 years on the Editorial Board of the Journal of Business Ethics and as Founding Editor of Corporate Ethics Monitor, a pioneering bimonthly publication. He has published articles on ethics issues in the Journal of Business Ethics, Accounting Organizations and Society, Canadian Accounting Perspectives, and Business & Society. He coauthored BUSINESS & PROFESSIONAL ETHICS FOR DIRECTORS, EXECUTIVES & ACCOUNTANTS, 8E with Paul Dunn; ETHICS & GOVERNANCE: DEVELOPING AND MAINTAINING AN ETHICAL CORPORATE CULTURE, 4E with David Selley; and PRINCIPLES OF STAKEHOLDER MANAGEMENT: THE CLARKSON PRINCIPLES with Lee Preston and Thomas Donaldson. Prior to joining the University of Toronto, he obtained his CA designation (in 1970) and subsequently became an audit manager and Director of Manpower for Touche Ross & Co. (now Deloitte.) in Toronto. Professor Brooks served as a member, then chair, of the Chartered Accountants' national Board of Examiners and chair of its national Syllabus Committee. He was named a Fellow of the Institute of Chartered Accountants (FCA) of Ontario in 1982. These professional designations were converted to CPA and FCPA in 2012. He consults with individuals, corporations, governmental and non-governmental organizations and serves as an expert witness and media-commentator. Professor Brooks is also a former director of the Canadian Centre for Ethics & Corporate Policy and a former president of the Canadian Academic Accounting Association. Paul Dunn is a Professor of Business Ethics at the Goodman School of Business, Brock University. Dr. Dunn has a doctorate in accounting from Boston University as well as two degrees in philosophy from the University of Toronto. He is a CPA who worked in downtown Toronto with Ernst & Young (as a chartered accountant), the Canadian Imperial Bank of Commerce (in the finance division), as well as in the private sector (in controllership). Professor Dunn's research focuses on ethics, corporate governance, and corporate social responsibility. His theory papers and the empirical results of his research have appeared in a variety of scholarly journals, including the Journal of Business Ethics, Journal of Management, Business & Society, and Business Ethics Quarterly. The media in both Canada and internationally interview Paul Dunn regularly.

Table of Contents

CHAPTER 1 ETHICS EXPECTATIONS The Ethics Environment for Business: The Battle for Credibility, Reputation & Competitive Advantage New Expectations for Business Responses & Developments The Ethics Environment for Professional Accountants Managing Ethics Risks & Opportunities Questions Reading Insights References Case Insights ETHICS CASES involving (number of cases): Improper Behavior (5) Advertising & Sales promotion (4) Financial Transactions (2) Control of Information (2) Concerning the Environment (3) Product Safety (5) Accounting & Auditing (2) CHAPTER 2 ETHICS & GOVERNANCE SCANDALS Ethics & Governance: A Timeline of Important Events Ethics & Governance: The Early Developments Prior to 1970 Ethics & Governance: 1970-1990 Ethics & Governance: The Modern Era-1990 to the Present Significant Ethics & Governance Scandals & Events Signs of Ethical Collapse Ethics & Governance: Trends Ethics & Governance: Timetables of Important Events, 1929-2019 New sections: Unethical Bank Cultures Produce Scandals #MeToo Movement Reaches a Tipping Point Harmful Products Draw Huge Settlements and Change Perspectives Accounting Crises lead to Re-imagination of Professional Accountant's Role U.S. Business Roundtable Statement Signals Acceptance of Stakeholder Interests Useful Video & Films Questions References Case Insights ETHICS CASES: Enron, Arthur Andersen, Worldcom LIBOR Manipulations, Deutsche Bank's Cultural Disaster Bernie Madoff Scandal Wal-Mart Bribery, GM Ignition Faults, VW Cheats on Emissions Tests General Motors installed faulty ignition switches Takata air bags explode injuring passengers with metal shrapnel Volkswagen software defeats environmental exhaust emissions testing Valeant Pharmaceuticals and Turing Pharmaceuticals bought drugs and jumped prices CHAPTER 3 ETHICAL BEHAVIOR-PHILOSOPHERS' CONTRIBUTIONS 127 Ethics & Moral Codes Ethics & Business Self-Interest & Economics Ethics, Business & The Law Major Ethical Theories Useful in Resolving Ethical Dilemmas Moral Imagination Questions Case Insights Useful Video & Film References ETHICS CASES about improper behavior (7) John DeLorean's Overcommitment to His Company Google's Tax Minimization Strategy: Utilitarian Consequences New York Times Dual Class Share Structure: Distributive Injustice? Ben and Jerry's Application of the Rawlsian Difference Principle Merck and River Blindness: Justice as Fairness Beach-Nut Nutrition Corporation and Blind Corporate Loyalty Johnson & Johnson's Worldwide Recall of Tylenol: Virtue Ethics CHAPTER 4 PRACTICAL ETHICAL DECISION MAKING Introduction Motivating Developments for Ethical Learning Ethical Decision Making Framework (EDM)-An Overview Philosophical Approaches-An Overview: Consequentialism (Utilitarianism), Deontology, & Virtue Ethics Sniff Tests & Common Heuristics-Preliminary Tests of Ethicality Stakeholder Impact Analysis-Comprehensive Tool for Assessing Decisions & Actions Stakeholder Impact Analysis: Modified Traditional Decision-Making Approaches Integrating Philosophical & Stakeholder Impact Analysis Approaches Other Ethics Decision-Making Issues A Comprehensive Ethical Decision-Making Framework Conclusion Questions References Illustrative Applications & Case Insights ILLUSTRATIVE APPLICATIONS (4) ETHICS CASES About: Harm to individuals (4) Harm to the environment (1) Governance decisions (3) CHAPTER 5 CORPORATE ETHICAL GOVERNANCE & ACCOUNTABILITY Modern Governance & Accountability Framework-To Shareholders & Other Stakeholders New Expectations-New Framework to Restore Credibility Corporate Governance Overview Accountability to Shareholders or Stakeholders? The Shareholder Value Myth Governance for Broad Stakeholder Accountability Guidance Mechanisms-Ethical Culture & Code of Conduct Threats to Good Governance & Accountability Misunderstanding Objectives & Fiduciary Duty Failure to Identify & Manage Ethics Risks Conflicts of Interest Key Elements of Corporate Governance & Accountability Compelling Evidence for the Development of an Ethical Corporate Culture Developing, Implementing, & Managing an Ethical Corporate Culture Corporate Codes of Conduct Ethical Leadership Corporate Psychopaths Director & Officer Liability Public Accountability Benchmarks Conclusion-Toward a Culture of Integrity Questions Case Insights Reading Insights References ETHICS CASES on: Ethical Corporate Culture (4) Ethical Leadership (3) Bribery (4) Corporate Governance & Managerial Opportunism (5) Fraudulent & Questionable Financial Reporting (7) Stock Market (7) Product Safety (2) APPENDIX A: Alternative Governance Theories Sears Compensation Plan Backfires Wells Fargo Suffers from an Unethical Culture Johnson & Johnson Credo Spying Scandal at Credit Suisse: Ethical Leadership? CHAPTER 6 PROFESSIONAL ACCOUNTING IN THE PUBLIC INTEREST Purpose of the Chapter Professional Accounting's Traditional Role Historic Shortfalls in Meeting Professional Expectations Professional Accounting and the Public Interest Implications for Services Offered Judgment & Values Sources of Ethical Guidance Professional Codes of Conduct Conceptual Framework for Assessing Threats to Compliance Conflicts of Interest: Threats to Independence Assessment using the Conceptual Framework Approach A Stakeholder Impact Analysis Affecting Services Offered Involving Improper Use of Influence Involving Use or Misuse of Information (Confidentiality) Questionable Tax Services & Practices Laws & Jurisprudence Moral Courage Is Vital to Professional Accounting: Globalization Heightens the Requirement When Codes & Laws Don't Help Broadening Role for Professional Accountants Conclusion Questions Reading Insights Case Insights References ETHICS CASES: Famous events and scandals (5) Professional & Fiduciary Duty (13) Accounting & Auditing Dilemmas (11) Fundamental Accounting & Auditing Issues Cases (3) Tax & Regulatory Cases (7) Transfer Pricing by Apple The Business Reality Test for Transfer Pricing Tax Inversions: Deal or No Deal CHAPTER 7 MANAGING ETHICS RISKS & OPPORTUNITIES Ethics Risks & Opportunities: Identification & Assessment Management & Mitigation Stakeholder Accountability Key Ethics Risk Issues & Tools; Workplace Ethics New Section: Freedom from Sexual Harassment (#MeToo Movement) Whistleblower Programs & Ethics Inquiry Services Fraud & White Collar Crime New Section on Forensic Accounting Bribery & International Operations New Section on Money Laundering Crisis Management Conclusion Questions Case Insights Reading Insights References ETHICS CASES about: CSR Cases-Environmental Issues (3) Workplace Ethics Cases Discrimination & Abuse (6) Spying (2) White Collar Crime (3) Bribery & International Operations Cases (10) Risk & Crisis Management Cases (7) APPENDIX A: Ethics Audit Program Annual Audit Questions Bribery by Lockheed Corporation Spawns the U.S. FCPA Niko Resources - Canada's First Significant Bribery Prosecution Daimlerchrysler Subject to Bribery U.S. Laws CHAPTER 8 SUBPRIME LENDING FIASCO-ETHICS ISSUES The Economic Train Wreck-A Global Disaster Stages of the Subprime Lending Fiasco How Did the Subprime Lending Crisis Happen? Ethics Issues-The Subprime Lending Fiasco Ethics Lessons Questions Case Insights Useful Videos & Films References ETHICS CASES about: Questionable ethical values (1) Conflicts of interest (4) Accounting manipulation (2) Morale courage (1) A Subprime Mortgage-Backed Security Gone Awry Investment Bankers in the Movies How Much Were the Investment Bankers Paid during the Crisis?

Additional information

NGR9780357441886
9780357441886
0357441885
Business and Professional Ethics by Leonard J. Brooks (University of Toronto)
New
Paperback
Cengage Learning, Inc
2020-03-02
696
N/A
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