Financial Reporting and Ethics - The Institute of Chartered ...

DECISION MAKING IN ETHICS9.2 A FRAMEWORK FOR ETHICAL DECISION MAKING(a)(b)(c)(d)(e)(f)(g)Recognise an Ethical Issue(i) Is there something wrong personally, interpersonally, or socially?Could the conflict, the situation, or the decision be damaging topeople or to the community?(ii) Does the issue go beyond legal or institutional concerns? Whatdoes it do to people, who have dignity, rights, and hopes for abetter life together?Get the Facts(i)(ii)(iii)What are the relevant facts of the case? What facts are unknown?Do individuals and groups have an important stake in theoutcome? Do some have a greater stake because they have aspecial need or because we have special obligations to them?What are the options for acting? Have all the relevant personsand groups been consulted? If you showed your list of options tosomeone you respect, what would that person say?Evaluate Alternative Actions from Various Ethical PerspectivesWhich option will produce the best and do the least harm?Utilitarian Approach: The ethical action is the one that willproduce the greatest balance of benefits over harms.Even if not everyone gets all they want, will everyone’s rights and dignitystill be respected?Rights Approach: The ethical action is the one that most dutifullyrespects the rights of all affected.Which option is fair to all stakeholders?Fairness or Justice Approach: The ethical action is the one thattreats people equally, , or if unequally, , that treats peopleproportionately and fairly.Which option would help all to participate more fully in the life weshare as a family, community, society?Common Good Approach: The ethical action is the one thatcontributes most to the achievement of a quality common lifetogether.Would you want to become the sort of person who acts this way (e.g., aperson of courage or compassion)?185