Explain the benefits and risks of ethics auditingSolutioneth

Explain the benefits and risks of ethics auditing?

Solution

ethics auditing is the process where is the firm following all ethical norms and guidelines in its funcitoning. to build a successful organisation it is important to follow ethics in an effective way.

the major problem is defining the limits or guidelines in ethics auditing, one can follow his own norms and regulations in the process and there is no prescribed and predefined ways in this process.

the benefit of ethics auditing is; it helps to know that is the firm is able to meet all its oblitaions and responsibilities towards its stakeholders and towards the environment. if they deviated at any area or point, they can be rectify and minimise the damage or loss.

the risks are defining the regulations and boundaries, and the measurement. there are no technical or scientific measures or rules to measure it. if it is disclosed that our firm is not following ethical guideliness, it leads to loss of goodwill and brand name in the market.