Running head: ACCOUNTABILITY AND ETHICS1Accountability and EthicsStudent’s NameInstitution AffiliationDate of Submission
ACCOUNTABILITY AND ETHICS2IntroductionThe corporate world, governments and businesses face the dilemma of balancing the ethicaldilemmas and accountability in the face of the business opportunities at their disposal. Inessence, the firm does not operate in a vacuum but rather both local and international communityexpect the business to behave in the norms that they do perceive to be right and just (Bouten &Hoozée, 2013). In that regards, the company should endeavour to balance between environmentand social responsibility and the financial gains.The organizations must account for their activities to ensure that they adhere to corporatesocial and environmental responsibilities. Any harm that befalls on the community because of thebusiness undertaking is unethical and exhibits corporate failure (Bouten & Hoozée, 2013). In thatcase, the business should ensure that all its activities align with the social expectations andethical practices set by the international governing bodies.Shareholders expect the organization to generate enough earnings for reinvestment anddividend distributions (Deegan & Blomquist, 2006). In that account, business management findsthemselves in conflicting situations:to gain profit for the investors at the expense of thecommunity around or to act with utmost responsibility and to ensure the well-being of thecommunity as they endeavour to make a revenue for the shareholders. In that vein of events, theenterprises are supposed to exhibit a high level of moral values while undertaking theiroperations.Morality varies in every society. In that account, the business develops the ethic practices andcodes that govern the company and its employees to act in a precise manner (Mcmurray, Li, &Sy, 2018). Moreover, in every action that the corporations take the society, and other
ACCOUNTABILITY AND ETHICS3stakeholders demand the accountability: the persons in whom the corporation have delegated thetasks to perform,should do so with utmost discretions. These ensure the long-run goal of thecompany sustainability.This literature review will discuss accountability in business by focusing on social andenvironmental accounting. Also, the study will examine ethics in a company. This review willhelp the reader to understand the importance of sustainability reporting and the importance ofethics in amidst the rampant corporate failure in times of crises.Literature reviewSocial AccountingConventional accounting only takes into account the monetary gain of the business whileneglecting society, which is the function of the company. Given that, many organizations areembracing social accounting to ensure their sustainability in the community in which they exist(Contrafatto & Burns, 2013).