Ethics in Business and Accounting in Vietnam Essay -- global business,

1. Introduction: Currently, in the complex global business environment, economic performance alone no longer guarantees business success. One of the integral driving factors for this success is the transparency and integrity of the management system. In many countries, there is enormous number of leading corporations coordinating ethical management into business practices to stay in tune with wider societal values. However, there still exist corporations where profit triumphs all other considerations. In Vietnam, with lax management mechanism and legal loopholes, many monstrous corporate scandals relating to unethical behaviors have been revealed. These corporate scandals extensively hurt public confidence in financial reporting and question the morality of businessman in general and accountants in particular. Confronting with these burning issues, our report aims to provide comprehensive picture about the importance of ethics in business and accounting. Firstly, we will focus on the various perspectives of ethics and how ethics affects enterprise and accountants. Secondly, we present some real-world examples associating with the unethical business practices, which cause irreparable damages for Vietnam economy. Lastly, lessons and recommendations for corporate governance and state administration are raised. 2. The importance of ethics in business and accounting. 2.1. Definition of ethics Ethics is a system of moral principles, with respect to the rightness and wrongness of certain actions and the ends of those actions. 2.2. The significance of ethics in business In modern world, business has experienced the essential role of ethics in many perspectives. Generally, the primary role of ethics is to keep a company and its ... ...ccessed on November 18th, 2013) Phan Cong 2006, â€Å"Vu PMU 18 gay thiet hai it nhat 37 ti dong†. Available at URL: http://www.tienphong.vn/xa-hoi/46365/Vu-PMU18-gay-thiet-hai-it-nhat-37-ty-dong.html (Accessed on November 18th, 2013) Wikipedia 2013, â€Å"Tong cong ty Hang Hai Viet Nam. Available at URL: http://vi.wikipedia.org/wiki/T%E1%BB%95ng_C%C3%B4ng_ty_H%C3%A0ng_h%E1%BA%A3i_Vi%E1%BB%87t_Nam (Accessed on November 18th, 2013) Wikipedia 2013,â€Å"Vu an PMU 18†. Available at URL: http://vi.wikipedia.org/wiki/V%E1%BB%A5_PMU_18 (Accessed on November 18th, 2013) Wikipedia 2013, â€Å"Duong Chi Dung†. Available at URL: http://vi.wikipedia.org/wiki/D%C6%B0%C6%A1ng_Ch%C3%AD_D%C5%A9ng (Accessed on November 18th, 2013) Wikipedia 2013, â€Å"Tham nhung tai Viet Nam†. Available at URL: http://vi.wikipedia.org/wiki/Tham_nh%C5%A9ng_t%E1%BA%A1i_Vi%E1%BB%87t_Nam (Accessed on November 18th, 2011)