Ethical and Legal Obligations Paper

Topics: Finance, U.S. Securities and Exchange Commission, Financial Accounting Standards Board Pages: 3 (880 words) Published: June 10, 2007
Businesses should make it imperative that its officers, directors and employees act at all times in an honest and ethical manner in connection with their service to that particular company. The principles of integrity and accountability are the cornerstone of that companies' success. This code of business conduct and ethics sets basic principles to guide all employees, officers, and directors of that particular company. All of the personnel and directors of that business should conduct themselves accordingly to avoid in fact and the appearance of improper behavior. Ethical business conduct calls for all companies and their personnel to assume responsibility for safeguarding and preserving that company's assets and resources in the fulfillment of that company's charter, mission or objective. The code of business conduct and ethics serves to emphasize the commitment to ethics and compliance with the law; to set forth basic standards of ethical and legal behavior; to provide reporting mechanisms for known or suspected ethical or legal violations; and to help prevent and detect wrongdoing. These principles require that employees, officers and directors of that business to act in a manner that will ensure an honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships. The avoidance of conflicts of interest, including disclosure to an appropriate person or person identified in this code of any material transaction or relationship that reasonably could be expected to give rise to such a conflict. The full, fair, accurate, timely and understandable disclosure in reports and documents that, that business files with, or submits to, the Securities and Exchange Commission and in other public communications made by that company. The compliance with applicable governmental laws, rules and regulations and the prompt internal reporting of violations of this code to an appropriate person...

References: NYSSCPA.ORG. Accounting Terminology Guide.
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