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Ethics in Business and Accounting Question 1. Provide some examples of self vs. imposed regulation.

Ethics in Business and Accounting Question

1. Provide some examples of self vs. imposed regulation.

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Answer #1

Examples of self regulation:

  1. Do not charge extra for services not given.
  2. Do not provide bad services to clients.
  3. Maintain the quality of goods and services in order to nurture the business further.
  4. Ensure that after sales services are provided properly.
  5. Ensure that client's grievances are handled properly.

Examples of imposed regulation:

  1. Proper Maintenance of books of accounts.
  2. Proper recording of all the transactions.
  3. Get accounts audited.
  4. Ensure proper internal controls are in place so that no fraud takes place or can be prevented from taking place.
  5. Pay all the taxes and government dues on time.
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