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Business ethics operates on the premise, for example, that the ethical operation of a private business is possible—those who dispute that premise, such as libertarian socialists (who contend that "business ethics" is an oxymoron) do so by definition outside of the domain of business ethics proper.
Risk accounting introduces the Risk Unit (RU) to measure non-financial risks, enabling their quantification, aggregation, and reporting. This approach uses three primary metrics: Inherent Risk, which quantifies the pre-mitigation level of non-financial risk in RUs; the Risk Mitigation Index (RMI), assessing the effectiveness of risk mitigation activities on a zero to 100 scale; and Residual ...
Risk management is the set of processes through which management identifies, analyzes, and, where necessary, responds appropriately to risks that might adversely affect realization of the organization's business objectives. The response to risks typically depends on their perceived gravity, and involves controlling, avoiding, accepting or ...
Management selects a risk response strategy for specific risks identified and analyzed, which may include: Avoidance: exiting the activities giving rise to risk; Reduction: taking action to reduce the likelihood or impact related to the risk; Alternative Actions: deciding and considering other feasible steps to minimize risks
Accounting ethics is primarily a field of applied ethics and is part of business ethics and human ethics, the study of moral values and judgments as they apply to accountancy. It is an example of professional ethics. Accounting was introduced by Luca Pacioli, and later expanded by government groups, professional organizations, and independent ...
The International Ethics Standards Board for Accountants (IESBA) develops and promotes the International Code of Ethics for Professional Accountants (including International Independence Standards). The IESBA also supports debate on issues related to accounting ethics and auditor independence.
The philosophy of accounting is the conceptual framework for the professional preparation and auditing of financial statements and accounts.The issues which arise include the difficulty of establishing a true and fair value of an enterprise and its assets; the moral basis of disclosure and discretion; the standards and laws required to satisfy the political needs of investors, employees and ...
In summary, it can be concluded that the representation of risk and uncertainty in accounting systems is limited in scope and technique as well as dispersed over different systems. As of now, no specialised comprehensive accounting system for the purpose of representing risk organisation wide in comparable terms has evolved. Such a system ...