New Hampshire University
The issues related to business ethics are consistently engaging organizations internationally and domestically; these trends have been accentuated through high-profile instances of contraventions of the acknowledged standards of behaviors that are ethical. Others may argue that financial ethics should not be enforced in the company because of the following reasons: It imposes some strain on the CPA when conducting his job, it denies the CPA the comfort he needs when performing his job and that it imposes numerous restrictions on the CPA’s job (Collis and Hussey, 2012). Appropriate ethics in accounting ought to be maintained at all costs as a way of ensuring that the Certified Public Accountants perform their duties with integrity and objectively since financial ethics, establish a basis for regulatory and legal requirements and it entails issues related to sustaining public trust. Other important reasons regarding the need to uphold financial ethics include sustaining the faith of the public, avoiding regulatory sanctions and investigations, for instance, IRS Audit and Security and Exchange Commission investigation; if these regulatory organizations identify any malfeasance in accounting within the company or the respective accountant, they could impose costly sanctions, and fines against the organization and the CPA is likely to lose her license. Upholding the ethics in finance helps the organization to avoid stock volatility as a result of the company’s shares being sold by the investors once the company is under investigation.
Customer satisfaction which is a term used consistently in marketing and is used to estimate how services or products supplied by the organization surpass or meet the expectation of the customer is an issue that is of great concern to businesses both internationally and domestically (Marhamat, 2008). Others may argue that high customer satisfaction is not necessary for business due to the following reasons: It subjects the company to incurring extra costs in the customer service department and that it makes the company employ more workers to ensure high levels of customer satisfaction. My take is that high levels of customer satisfaction are important and it should be maintained by the organization. Low level of customer satisfaction may lead to the loss of current, prospective and future customers, loss of the organization’s reputation, loss of prospective employees, and the loss of the company’s profits.
There are multiple types of unethical financial behavior that are usually undertaken by a company, and they include monetary gratification, sexual harassment, procurement of employment opportunities to employees, improper storage of the accounting records and inadequate recruitment of eligible accounting staff to effectively handle the records of accounts or finance (Brook and Dunn, 2017). Accountants may tend to behave unethically due to the following reasons: self-interest or greed whereby one embezzles funds from one’s employer due to the need for financial gains, the need to uphold the company’s reputation with regards to the increase in the organization’s portfolio by the Chief Financial Officer, pressure from colleagues and failure of the CPA to perform an in-depth analysis whenever financial data is being prepared and revised. The unethical financial behaviors may lead to numerous consequences which include misappropriation or mismanagement of the organization’s assets, criminal and civil penalties, loss of the organization’s reputation and the increased loss of human resource or capital. There is a need, therefore, to uphold the code of ethics in accounting (Brook and Dunn, 2017).
High level of customer satisfaction is
responsible for the customers’ intentions to repurchase the company’s products,
and it ensures client loyalty. Other vital importance of customer satisfaction
include the fact that it acts as a form of brand differentiation, it lowers
client churn, it enhances the consumers’ lifetime value, it lowers the
pessimistic word of mouth, and it enhances customer retention and increases the
capacity of acquiring new customers (Kaser and Oelkers, 2008). High levels of
customer satisfaction could be maintained through genuinely interacting with
customers, respecting customers at all costs, being a good listener to
customer’s complaints, offering continuous support and offers to customers,
treating clients as valued partner or as a priority to one’s business, building
trust with customers and being transparent, recognizing the company’s
responsibility to customers and through offering quality customer services.
There is a need, therefore, for companies to effectively focus on offering
high-quality customer satisfaction always (Doke and Smortfitt, 2007).
Brooks, Leonard J., & Dunn, Paul. (2017). Business & Professional Ethics for Directors, Executives & Accountants. South-Western Pub.
Collis, J., Holt, A., & Hussey, R. (2012). Business accounting: An introduction to financial and management accounting. Houndmills, Basingstoke, Hampshire: Palgrave Macmillan.
Doke, L., Hatton, E., & Smortfitt, R. (2007). Entrepreneurship. Cape Town, South Africa: Pearson.
Kaser, K., & Oelkers, D. B. (2008). Sports and entertainment marketing. Mason, Ohio: Thomson South-Western.
Marhamat, R. (2008). On your mark get set grow!: Manage your small business and leverage it to outsmart your competition. United States: The author.