The main problem with ethics is that individuals rarely understand the concept. The reason is that ethics is the application of a moral theory. Therefore, to be ethical, or not, one must apply the facts to this theory and render a conclusion. The accounting profession sets this standard with a code of ethics. During this discussion, build your own code of ethics. Develop one you can properly use in your profession. Once this is completed, select an ethical dilemma, apply your theory, and render a conclusion.