To Act Ethically means, to act in the right manner. It includes right gestures, right dealing etc. Everyone must keep in mind the rights of others and only then acting ethically is possible, Ethics in business reflect the attitude that the business would keep in mind the general rights of the people. It will not violate the rights of anyone through its operations.
Ethics has gained immense important in an organization. The focus is on maintaining the rights of the general public. If a company does not follow the business ethics, it will involve in misleading of financial statements, frauds, discrimination, price discrimination, etc.
A code of ethics is a set of principles and rules used by companies, professional organizations and individuals to govern their decision making in choosing between right and wrong. Depending on the context of a given code of ethics, penalties and/or sanctions may result from a violation.
Codes of ethics are generally used in the business and professional context to assure the public that corporations and members of regulated professions are acting in a socially and professionally acceptable manner. Organizations with an established and published code of ethics have in place review processes and appeals procedures to guard...