Ethics, Laws, and Concepts Flashcards

Flashcards covering key terms related to ethics, laws, and concepts.

Accountability

The obligation to account for activities, accept responsibility, and disclose results transparently.

Audit

Systematic examination of an organization’s records to ensure accuracy and compliance.

Bribery

Offering something of value to influence an individual in a position of power.

Code of Ethics

Principles to help professionals conduct business honestly and with integrity.

Compliance

Adhering to laws, regulations, standards, and ethical practices.

Conflict of Interest

A situation with competing interests that could influence decision-making.

Corporate Governance

The system by which a company is directed and controlled.

Due Diligence

A comprehensive appraisal to evaluate potential risks before transactions.

Embezzlement

The fraudulent appropriation of funds or property owned by someone else.

Ethical Dilemma

A situation involving conflicting moral principles, making it difficult to choose the right course of action.

Ethics

Moral principles that govern behavior, guiding individuals in distinguishing right from wrong.

Fiduciary Duty

A legal obligation to act in the best interest of another party.

Fraud

Intentional deception for personal or financial gain.

Governance

The framework ensuring accountability, fairness, and transparency within an organization.

Integrity

Honesty and strong moral principles, demonstrating ethical behavior.

Internal Controls

Processes to ensure financial integrity, promote accountability, and prevent fraud.

Moral Hazard

The risk that one party will take undue risks borne by another party.

Kickback

A commission paid to the bribe-taker in exchange for services.

Social Responsibility

An organization’s obligation to benefit society, balancing economic growth with welfare.

Stakeholders

Individuals or groups with an interest in an organization.

Transparency

Being open and honest about company operations and financial conditions.

Whistleblower

An individual who reports unethical activities within an organization.

Whistleblowing Policy

Guidelines that protect employees who report unethical activities.