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Overview
"Business & Professional Ethics," 10th Edition, provides essential ethical knowledge for businesspeople and accountants, emphasizing how ethics influence all aspects of business and the accounting profession. Understanding ethics expectations, how those affect all aspects of business and the accounting profession and how to cope with those expectations has become fundamental knowledge for businesspeople and professional accountants. This title explores ethics practically -- linking behavior to trust, stakeholder support and organizational success; conceptually -- through philosophical foundations and historically -- via milestone events and 164 real-world cases that shaped ethical thinking and decision-making.
- The 10th edition’s newest update on the ethics value chain delivers the most compelling case yet for the value of strong ethics, offering unmatched historical depth and a powerful ethics value chain that connects ethical behavior to individual, organizational and societal success.
- The 10th edition features 164 cases, including 32 new ones spotlighting real-time dilemmas like Theranos, FTX, Boeing and Wirecard, to spark debate and deepen student engagement.
- 9 new cases sharpen professional skepticism and DEI awareness, which are critical skills for ethical accounting, through safe, real-world decision-making practice.
- Major updates, including AI ethics, NOCLAR rules, DEI, CSR and ethical culture, have been added reflecting evolving standards and expectations through 2025.
- This is the only title that covers the complete spectrum of current ethics expectations, governance, culture, risk, fraud, CSR and global ethical challenges.
- Trusted by instructors across programs, the 10th edition’s flexible format supports stand-alone or multi-course use, with customizable cases for specialized needs.
- Unlike others, this edition blends practical relevance with theory and history -- featuring 164 real-world cases to engage students and build ethical insight.
- This edition includes time-saving instructor tools -- instructor's manual, slides, outlines, teaching insights and a digital archive with legacy chapters on Enron and the Subprime Lending crisis.
1. ETHICS EXPECTATIONS.
The Ethics Environment for Business: The Battle for Credibility, Reputation & Competitive Advantage. New Expectations for Business. Responses & Developments. The Ethics Environment for Professional Accountants. Managing Ethics Risks & Opportunities.
New discussions on risk identification, the social license to do business, social investing, AI ethics, questionable marketing of talcum- based baby powder and the related bankruptcy practice of Johnson & Johnsons (i.e. the Texas Two-Step), NOCLAR rule adoption developments and many recent key business scandals. Questions. Reading Insights. References. Case Insights. ETHICS CASES involving (number of cases): Challenges of AI (1). Questionable Business Models (3). Improper Behavior (4). Advertising & Sales promotion (2). Financial Transactions (2). Control of Information (2). Environmental Issues (3). Product Safety (4). Accounting & Auditing (2).
2, ETHICS & GOVERNANCE SCANDALS.
Timeline of Important Events. Early Developments Prior to 1970. Prelude to the Governance Crisis 1970–1990. Governance Reform 1990–2020. Enforcement Brings Realization 2020–2024. Significant Ethics & Governance Scandals & Events. Signs of Ethical Collapse. Trends. Timetables of Important Events, 1929–2024. New discussions on the problems of Boeing, the Opioid Fiasco, the crypto king who died, the talc disaster that got J & J dancing the Texas Two-Step, the Theranos Fraud, and the FTX Bankruptcy. Cases and an expanded description have also been added related to the subprime lending fiasco discussion while the full chapter on the subject has been moved to the digital archive for the book. Useful Video & Films. Questions. References. Case Insights. ETHICS CASES: Enron, Arthur Andersen, WorldCom. LIBOR Manipulations, Subprime Mortgage Meltdown. Deutsche Bank’s Cultural Disaster. Bernie Madoff Scandal. Theranos, FTX Bankruptcy. Wal-Mart Bribery, GM Ignition Faults, VW Cheats on Emissions Tests. General Motors installed faulty ignition switches. Takata air bags explode injuring passengers with metal shrapnel. Volkswagen software defeats environmental exhaust emissions testing. Valeant Pharmaceuticals and Turing Pharmaceuticals bought drugs and jumped prices.
3. ETHICAL BEHAVIOR—PHILOSOPHERS’ CONTRIBUTIONS 127.
Ethics & Moral Codes. Ethics & Business. Self-Interest & Economics. Ethics, Business & The Law. Major Ethical Theories Useful in Resolving Ethical Dilemmas. Moral Imagination. New discussion on opportunistic pricing during COVID has been added as well as three new vignettes economic self-interest, selling drugs at cost, and virtue expectations. Questions. Case Insights. Useful Video & Film. References. ETHICS CASES about improper behavior (7). An Illustration of Ethical Decision Making. Spy versus Spy: Corporate Espionage in the Canadian Airline Industry. Art Forgeries: Is Deceiving Art Experts Unethical? Matt Colvin Buys Hand Sanitizers, Deciding Who Receives the Swine Flu Vaccine. Insurance and Genetically Inherited Diseases, The Case of Cesar Correia.
4. PRACTICAL ETHICAL DECISION MAKING.
Introduction. Motivating Developments for Ethical Learning. Ethical Decision Making Framework (EDM)—An Overview. Philosophical Approaches—An Overview: Consequentialism (Utilitarianism), Deontology, & Virtue Ethics. Sniff Tests & Common Heuristics—Preliminary Tests of Ethicality. Stakeholder Impact Analysis—Comprehensive Tool for Assessing Decisions & Actions. Stakeholder Impact Analysis: Modified Traditional Decision-Making Approaches. Hybrid Analyses – Extending & Blending the Traditional Decision-Making Approaches. Integrating Philosophical & Stakeholder Impact Analysis Approaches. Other Ethics Decision-Making Issues.
A Comprehensive Ethical Decision-Making Framework. An introduction of the concept of double materiality for sustainability issues has been included as well as a new case has been added that focuses attention on important objectives, and new vignettes have been added on ethics vs. profits, trade-offs between stakeholders, and the nature and power of reputation. A new illustrative application has been inserted on actions taken (i.e., ghost flights) to protect the future rights of a corporation at the expense of the environment.
Conclusion. Questions. References. Illustrative Applications & Case Insights. ILLUSTRATIVE APPLICATIONS (4). ETHICS CASES About:
Harm to individuals (3). Harm to the environment (1). Governance decisions (4).
5. CORPORATE ETHICAL GOVERNANCE & ACCOUNTABILITY.
Modern Governance & Accountability Framework—To Shareholders & Other Stakeholders. New Expectations—New Framework to Restore Credibility. Corporate Governance Overview. Accountability to Shareholders or Stakeholders? The Shareholder Value Myth.
Governance for Broad Stakeholder Accountability. Guidance Mechanisms—Ethical Culture & Code of Conduct. Threats to Good Governance & Accountability. Misunderstanding Objectives & Fiduciary Duty. Failure to Identify & Manage Ethics Risks. Conflicts of Interest. Key Elements of Corporate Governance & Accountability. Compelling Evidence for the Development of an Ethical Corporate Culture. Developing, Implementing, & Managing an Ethical Corporate Culture. Corporate Codes of Conduct. Ethical Leadership.
Corporate Psychopaths. Director & Officer Liability. Public Accountability Benchmarks. Updates include new information on expectations for directors, compelling evidence supporting the value of an ethical corporate culture, corporate codes, and ethical leadership. Eight new cases have been introduced that cover: The Opioid Crisis, Elon Musk’s Tesla Pay Package, The Theranos Scandal, Boeing’s quality culture problem, the Hockey Canada Scandal, and Rogers Governance Power Play. Three new vignettes have also been added. Conclusion—Toward a Culture of Integrity. Questions. Case Insights. Reading Insights. References. ETHICS CASES on:
Ethical Corporate Culture (4). Ethical Leadership (4). Bribery (4). Corporate Governance & Managerial Opportunism (6). Fraudulent & Questionable Financial Reporting (6). Stock Market (7). Product Safety (3).
Appendix A: Alternative Governance Theories.
Sears Compensation Plan Backfires. Wells Fargo Suffers from an Unethical Culture. Johnson & Johnson Credo. Spying Scandal at Credit Suisse: Ethical Leadership?
6. PROFESSIONAL ACCOUNTING IN THE PUBLIC INTEREST.
Purpose of the Chapter. Professional Accounting’s Traditional Role. Historic Shortfalls in Meeting Professional Expectations. Professional Accounting and the Public Interest. Implications for Services Offered. Judgment & Values. Sources of Ethical Guidance.
Professional Codes of Conduct. Conceptual Framework for Assessing Threats to Compliance. Conflicts of Interest: Threats to Independence. Assessment using the Conceptual Framework Approach. A Stakeholder Impact Analysis. Affecting Services Offered.
Involving Improper Use of Influence. Involving Use or Misuse of Information (Confidentiality). Questionable Tax Services & Practices.
Laws & Jurisprudence. Moral Courage Is Vital to Professional Accounting: Globalization Heightens the Requirement. When Codes & Laws Don’t Help. Broadening Role for Professional Accountants. Discussion of the NOCLAR rules and their adoption has been updated, and an expanded discussion of professional skepticism has been added with five new cases on the topic drawn from the Professional Skepticism Case Collection of the Professional Accounting Centre of the University of Toronto. Seven other new cases have been introduced (for a total of 12) that cover tax practice scandals, loopholes and shelters, cheating on professional exams, fraudulently manipulated reports (i.e. Wirecard), and the use of competitive intelligence by professional accountants. Conclusion. Questions. Reading Insights. Case Insights. References. ETHICS CASES: Famous events and scandals (5). Professional & Fiduciary Duty (16). Accounting & Auditing Dilemmas (11). Fundamental Accounting & Auditing Issues Cases (3). Tax & Regulatory Cases (10).
7. MANAGING ETHICS RISKS & OPPORTUNITIES.
Ethics Risk Management, Reviews, Audits, and Specific Ethics Risks. Effective Stakeholder Accountability and Relations. Workplace Ethics. Whistleblower Programs & Ethics Inquiry Services. Fraud & White Collar Crime. Bribery & International Operations. Crisis Management. Enhanced discussions have been added on Enterprise Risk Management, ethics risks and opportunities, stakeholder accountability (i.e., GRI Reporting, Sustainability Accounting Standards, Social Responsibility (ISO 26000)), antibribery regimes and more rigorous enforcement regimes, whistleblowing, and integrating resilience programs into crisis management programs. New cases include the Hockey Canada Sex Scandal Fiasco, firing employees online, bribery by a major mining company, and difficulties with pharmaceutical patents in South Africa. A new vignette describes the bribery of university admission personnel. And five new cases have been added from the DEI Case Collection of the Professional Accounting Centre of the University of Toronto. Conclusion. Questions. Case Insights. Reading Insights. References. ETHICS CASES about: Ethics Risks & Opportunities (1). CSR Cases—Environmental Issues (2). Workplace Ethics Cases. DEI cases in Accounting (4). Employee Rights (1). Discrimination & Abuse (5).
Spying (1). White Collar Crime (2). Whistleblowing (2). Bribery & International Operations Cases (8). Risk & Crisis Management Cases (7).
Appendix A: Ethics Audit Program Annual Audit Questions.
Bribery by Lockheed Corporation Spawns the U.S. FCPA. Niko Resources – Canada’s First Significant Bribery Prosecution. DaimlerChrysler Subject to Bribery U.S. Laws.
The Ethics Environment for Business: The Battle for Credibility, Reputation & Competitive Advantage. New Expectations for Business. Responses & Developments. The Ethics Environment for Professional Accountants. Managing Ethics Risks & Opportunities.
New discussions on risk identification, the social license to do business, social investing, AI ethics, questionable marketing of talcum- based baby powder and the related bankruptcy practice of Johnson & Johnsons (i.e. the Texas Two-Step), NOCLAR rule adoption developments and many recent key business scandals. Questions. Reading Insights. References. Case Insights. ETHICS CASES involving (number of cases): Challenges of AI (1). Questionable Business Models (3). Improper Behavior (4). Advertising & Sales promotion (2). Financial Transactions (2). Control of Information (2). Environmental Issues (3). Product Safety (4). Accounting & Auditing (2).
2, ETHICS & GOVERNANCE SCANDALS.
Timeline of Important Events. Early Developments Prior to 1970. Prelude to the Governance Crisis 1970–1990. Governance Reform 1990–2020. Enforcement Brings Realization 2020–2024. Significant Ethics & Governance Scandals & Events. Signs of Ethical Collapse. Trends. Timetables of Important Events, 1929–2024. New discussions on the problems of Boeing, the Opioid Fiasco, the crypto king who died, the talc disaster that got J & J dancing the Texas Two-Step, the Theranos Fraud, and the FTX Bankruptcy. Cases and an expanded description have also been added related to the subprime lending fiasco discussion while the full chapter on the subject has been moved to the digital archive for the book. Useful Video & Films. Questions. References. Case Insights. ETHICS CASES: Enron, Arthur Andersen, WorldCom. LIBOR Manipulations, Subprime Mortgage Meltdown. Deutsche Bank’s Cultural Disaster. Bernie Madoff Scandal. Theranos, FTX Bankruptcy. Wal-Mart Bribery, GM Ignition Faults, VW Cheats on Emissions Tests. General Motors installed faulty ignition switches. Takata air bags explode injuring passengers with metal shrapnel. Volkswagen software defeats environmental exhaust emissions testing. Valeant Pharmaceuticals and Turing Pharmaceuticals bought drugs and jumped prices.
3. ETHICAL BEHAVIOR—PHILOSOPHERS’ CONTRIBUTIONS 127.
Ethics & Moral Codes. Ethics & Business. Self-Interest & Economics. Ethics, Business & The Law. Major Ethical Theories Useful in Resolving Ethical Dilemmas. Moral Imagination. New discussion on opportunistic pricing during COVID has been added as well as three new vignettes economic self-interest, selling drugs at cost, and virtue expectations. Questions. Case Insights. Useful Video & Film. References. ETHICS CASES about improper behavior (7). An Illustration of Ethical Decision Making. Spy versus Spy: Corporate Espionage in the Canadian Airline Industry. Art Forgeries: Is Deceiving Art Experts Unethical? Matt Colvin Buys Hand Sanitizers, Deciding Who Receives the Swine Flu Vaccine. Insurance and Genetically Inherited Diseases, The Case of Cesar Correia.
4. PRACTICAL ETHICAL DECISION MAKING.
Introduction. Motivating Developments for Ethical Learning. Ethical Decision Making Framework (EDM)—An Overview. Philosophical Approaches—An Overview: Consequentialism (Utilitarianism), Deontology, & Virtue Ethics. Sniff Tests & Common Heuristics—Preliminary Tests of Ethicality. Stakeholder Impact Analysis—Comprehensive Tool for Assessing Decisions & Actions. Stakeholder Impact Analysis: Modified Traditional Decision-Making Approaches. Hybrid Analyses – Extending & Blending the Traditional Decision-Making Approaches. Integrating Philosophical & Stakeholder Impact Analysis Approaches. Other Ethics Decision-Making Issues.
A Comprehensive Ethical Decision-Making Framework. An introduction of the concept of double materiality for sustainability issues has been included as well as a new case has been added that focuses attention on important objectives, and new vignettes have been added on ethics vs. profits, trade-offs between stakeholders, and the nature and power of reputation. A new illustrative application has been inserted on actions taken (i.e., ghost flights) to protect the future rights of a corporation at the expense of the environment.
Conclusion. Questions. References. Illustrative Applications & Case Insights. ILLUSTRATIVE APPLICATIONS (4). ETHICS CASES About:
Harm to individuals (3). Harm to the environment (1). Governance decisions (4).
5. CORPORATE ETHICAL GOVERNANCE & ACCOUNTABILITY.
Modern Governance & Accountability Framework—To Shareholders & Other Stakeholders. New Expectations—New Framework to Restore Credibility. Corporate Governance Overview. Accountability to Shareholders or Stakeholders? The Shareholder Value Myth.
Governance for Broad Stakeholder Accountability. Guidance Mechanisms—Ethical Culture & Code of Conduct. Threats to Good Governance & Accountability. Misunderstanding Objectives & Fiduciary Duty. Failure to Identify & Manage Ethics Risks. Conflicts of Interest. Key Elements of Corporate Governance & Accountability. Compelling Evidence for the Development of an Ethical Corporate Culture. Developing, Implementing, & Managing an Ethical Corporate Culture. Corporate Codes of Conduct. Ethical Leadership.
Corporate Psychopaths. Director & Officer Liability. Public Accountability Benchmarks. Updates include new information on expectations for directors, compelling evidence supporting the value of an ethical corporate culture, corporate codes, and ethical leadership. Eight new cases have been introduced that cover: The Opioid Crisis, Elon Musk’s Tesla Pay Package, The Theranos Scandal, Boeing’s quality culture problem, the Hockey Canada Scandal, and Rogers Governance Power Play. Three new vignettes have also been added. Conclusion—Toward a Culture of Integrity. Questions. Case Insights. Reading Insights. References. ETHICS CASES on:
Ethical Corporate Culture (4). Ethical Leadership (4). Bribery (4). Corporate Governance & Managerial Opportunism (6). Fraudulent & Questionable Financial Reporting (6). Stock Market (7). Product Safety (3).
Appendix A: Alternative Governance Theories.
Sears Compensation Plan Backfires. Wells Fargo Suffers from an Unethical Culture. Johnson & Johnson Credo. Spying Scandal at Credit Suisse: Ethical Leadership?
6. PROFESSIONAL ACCOUNTING IN THE PUBLIC INTEREST.
Purpose of the Chapter. Professional Accounting’s Traditional Role. Historic Shortfalls in Meeting Professional Expectations. Professional Accounting and the Public Interest. Implications for Services Offered. Judgment & Values. Sources of Ethical Guidance.
Professional Codes of Conduct. Conceptual Framework for Assessing Threats to Compliance. Conflicts of Interest: Threats to Independence. Assessment using the Conceptual Framework Approach. A Stakeholder Impact Analysis. Affecting Services Offered.
Involving Improper Use of Influence. Involving Use or Misuse of Information (Confidentiality). Questionable Tax Services & Practices.
Laws & Jurisprudence. Moral Courage Is Vital to Professional Accounting: Globalization Heightens the Requirement. When Codes & Laws Don’t Help. Broadening Role for Professional Accountants. Discussion of the NOCLAR rules and their adoption has been updated, and an expanded discussion of professional skepticism has been added with five new cases on the topic drawn from the Professional Skepticism Case Collection of the Professional Accounting Centre of the University of Toronto. Seven other new cases have been introduced (for a total of 12) that cover tax practice scandals, loopholes and shelters, cheating on professional exams, fraudulently manipulated reports (i.e. Wirecard), and the use of competitive intelligence by professional accountants. Conclusion. Questions. Reading Insights. Case Insights. References. ETHICS CASES: Famous events and scandals (5). Professional & Fiduciary Duty (16). Accounting & Auditing Dilemmas (11). Fundamental Accounting & Auditing Issues Cases (3). Tax & Regulatory Cases (10).
7. MANAGING ETHICS RISKS & OPPORTUNITIES.
Ethics Risk Management, Reviews, Audits, and Specific Ethics Risks. Effective Stakeholder Accountability and Relations. Workplace Ethics. Whistleblower Programs & Ethics Inquiry Services. Fraud & White Collar Crime. Bribery & International Operations. Crisis Management. Enhanced discussions have been added on Enterprise Risk Management, ethics risks and opportunities, stakeholder accountability (i.e., GRI Reporting, Sustainability Accounting Standards, Social Responsibility (ISO 26000)), antibribery regimes and more rigorous enforcement regimes, whistleblowing, and integrating resilience programs into crisis management programs. New cases include the Hockey Canada Sex Scandal Fiasco, firing employees online, bribery by a major mining company, and difficulties with pharmaceutical patents in South Africa. A new vignette describes the bribery of university admission personnel. And five new cases have been added from the DEI Case Collection of the Professional Accounting Centre of the University of Toronto. Conclusion. Questions. Case Insights. Reading Insights. References. ETHICS CASES about: Ethics Risks & Opportunities (1). CSR Cases—Environmental Issues (2). Workplace Ethics Cases. DEI cases in Accounting (4). Employee Rights (1). Discrimination & Abuse (5).
Spying (1). White Collar Crime (2). Whistleblowing (2). Bribery & International Operations Cases (8). Risk & Crisis Management Cases (7).
Appendix A: Ethics Audit Program Annual Audit Questions.
Bribery by Lockheed Corporation Spawns the U.S. FCPA. Niko Resources – Canada’s First Significant Bribery Prosecution. DaimlerChrysler Subject to Bribery U.S. Laws.
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