Outline for LEB Exam - I Morality Appropriate treatment of others What is right just and fair Even if you can do it(legally should you do it We are

Outline for LEB Exam - I Morality Appropriate treatment of...

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I. Morality Appropriate treatment of others – “What is right, just, and fair? Even if you can do it (legally), should you do it? We are defined by the choices we make Out of Control Trolley Framing the issue is critically important so that it illicit more than an either or answer or yes or no answer Collect as much information as possible, your decision will be more informed Be creative – a practical angle, not only in terms of more than two options “Moral Dumbfounding” Gut feeling, “Emotional Reaction” you want your outcome to have Least emotional impact, self serving bias The Dark Knight Given the chance should batman kill the joker?
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Relativism (philosophical approaches to ethical issues) If what I am about to do is consistent with what society thinks is right to do? Cultural Norms? Utilitarianism (philosophical approaches to ethical issues) Promote “greatest good for greatest number of people” Deontology “treat others as you want to be treated” Follows basic principle that you treat others as you want to be treated Virtue Ethics – universally desired qualities There are universal core qualities that are desirable Moral Minimum Tell the truth, Be Loyal, Honor commitments, do no harm Legal v. Moral Simply obeying the law does NOT necessarily fulfill all ethical obligations. Even if an action is legal, is it right, fair, and just ?  Decision Making – sound decision making is not an innate ability, it is a skill Skill (practice, develop, none) Avoid mistakes (anticipate, recognize, address issues) – proactive vs. reactive damage control, proactive is better
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Promote ethical behavior in variety of situations (novel circumstances, cases of first impression) Methodology – more thorough an thoughtful the more points Issue - Identify ethical dilemma = state the issue in the form of a question with 2 parts: Facts - Go beyond what you are given, legality of what is going on Analysis & Alternatives -Think outside the box …find middle ground … compromise, apply ethical guidelines to the facts Practical Considerations - Implement approach, Concerns with time/money necessary to implement C. Obstacles Psychological barriers to doing the right thing 1. “Just following Orders” hard work is all that matters blind obedience to authority (“I don’t get paid the big bucks to make decisions so I follow orders”) 2. “Everyone Else is Doing It” if we don’t do it someone else will  ex: sub prime mortgages peer pressure , need to think more critically and consider effects of sub prime loans 3. “Over optimism” or “Untouchable” overconfidence Ex: financial statements that are neither objective or realistic, ENRON recording unrealistic false revenues Untouchable: above reproach  wont get caught, even if I do, it wont have consequences Ex: Wolf of Wall street 4. “Self Serving” “Cognitive Dissonance” Conflict of Interest
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Impartiality v. Bias – The findings of your audit report will determine whether you get the
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  • Spring '08
  • Baker
  • Tort Law, Product liability, Carelessness

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