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ACCT 411 Ethics and Professionalism in Accounting!!!

Reading Materials and Learning Resources:

The Board of Directors: Role and Composition

This week we begin with the concept of Board Committees, realizing our vested interest in the Audit Committee. However, the board as a whole has responsibility for Governance, Risk, and Compliance (GRC). Learn more as you read Chapter 3 "The Board of Directors: Role and Composition"

https://2012books.lardbucket.org/books/governing-corporations/s05-the-board-of-directors-role-an.html

Corporate Governance: Linking Corporations and Society

There will be new scandals, laws, and regulations. Our goal is to prepare for change. Read Chapter 4 "Recent U.S. Governance Reforms" where you might conclude there is no one size fits all model for business and decision-making

Access this link to consider the philosophical foundations of business and accounting ethics. Philosophical theories include utilitarian thought; duty-based, or deontological, thought; social contract theory; and virtue ethics: https://2012books.lardbucket.org/books/legal-aspects-of-property-estate-planning-and-insurance/s05-02-major-ethical-perspectives.html

Briefly review the following chapter on business ethics and related philosophical foundations in the chapter "Theories of Duties and Rights: Traditional Tools for Making Decisions in Business When the Means Justify the Ends:" https://2012books.lardbucket.org/books/business-ethics/s06-theories-of-duties-and-rights-.html

Briefly review the chapter "Theories Responding to the Challenge of Cultural Relativism" to learn more about virtue theory and the concept of prudence: https://2012books.lardbucket.org/books/business-ethics/s08-theories-responding-to-the-cha.html

Access this website to review the presentation by the International Ethics Standards Board for Accountants (IESBA), supported by the International Federation of Accountants (IFAC): https://www.ethicsboard.org/

Explain how our course relates to your goals at UMGC. Your explanation should include the value of at least one-course resource from this week.

In addition, read the recommended reading materials and Learning Resources for the week, perform your own research and answer the following questions:

1. What do you understand by the terms 'Ethics' and 'Ethical Dilemmas'? Discuss in detail. Use example(s) as appropriate.
2. Should the role of the Board of Directors of a Corporation be focused more on Governance or Management? Justify your views. Discuss any three governance responsibilities of the Board.