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Essay / Research Paper Abstract
A 5 page paper that begins with comments about how ethics emerged in the first place. The essay discusses the importance of ethics and comments on the Sarbanes-Oxley Act and how this can be used to improve ethics in the company. An example of how one company changed its procedures to become more ethical is provided. Bibliography lists 4 sources.
Page Count:
5 pages (~225 words per page)
File: MM12_PGethfn.RTF
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Unformatted sample text from the term paper:
right and wrong, moral and immoral behaviors for the individual and for the corporation (Epstein, 2007). Ethics are about self-regulation and ethical conduct comes from within a persons own moral
principles of behavior. According to Epstein (2007), laws represent the lowest level of acceptable corporate behavior while ethics represent the highest level. Laws are often enacted because corporations have
behaved in such unethical ways that legislators and the public demand laws to prevent further ethical violations. Epstein (2007) comments that "what were ethical aspirations for business behavior in one
generation frequently become legal requirements in the next" (p. 207). This is what happened following major scandals of very large corporations. From these financial scandals came the Sarbanes-Oxley Act of
2002, also known as the American Competitiveness and Corporate Accountability Act of 2002, which imposes new federal regulations on the auditors of public companies and makes significant changes in the
responsibilities of corporate officers, directors and other financial services professionals (Heinz, 2003). Even though, compliance with Sarbanes-Oxley is required, it is also one step to improving ethics in finance and
corporate governance. Orlando and Bowman (2004) commented it is important for companies to go beyond the requirements of Sarbanes-Oxley in their efforts to become more ethical. These authors suggest that
complying with this law offers many opportunities to improve, such as: * Better documentation of financial matters is required but companies should look at other processes that can be improved,
such as the quality and reliability of their systems (Orlando and Bowman, 2004). * Risk management can be improved by becoming a company-wide activity by developing and following standards and
values related to risk management (Orlando and Bowman, 2004). * Sarbanes-Oxley can be used to redefine the organization using the massive amount of documentation required to comply with this law
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