Question

answer in 75 words please! Discuss ethical implications associated with unsecured financial transactions, the potential leak of personal data, unsolicited communication, or other questionable activities

Answer 1

DISCUSS THE ETHICAL IMPLICATIONS ASSOCIATED WITH UNSECURED FINANCIAL TRANSACTIONS, THE POTENTIAL LEAK OF PERSONAL DATA,UNSOLICATED COMMUNICATION :

It’s always important for any industry or organization for carrying an ethical accounting. As the financial system is the backbone of every organization its ethical and secured transactions and transparency maintaining of financial data is very important to avoid unsecured and other unethical issues in financial transactions. Every organization monitors its financial system closely to avoid these issues on unsecured financial transactions leak of personal data and unsolicited transactions.

Ethics in financial accounting are always concerned about how to carry good and genuine transaction choices in order to track, monitor, present and disclosure of financial information. There are some acts are considered in these system to get the issues that are happening in the financial transaction and brought to the notice of the organization for necessary actions.

1. Most of the issues in financial transaction happen because of fraud financial reporting. These are the most frequent issues in the organization. These issues are carried out by the organization to misleading the investors and maintaining its share price. Which is ok for the short term run in the organization but that will effect in the long run of the organization
2. Misusing the company assets for other purpose is also results in misappropriate of company assets for personal or other stuff. This mostly happens with the employees using the company assets to their personal stuff other than office use. It’s kind of stealing the company assets this usually happens at all levels of the organization
3. Every transaction and assets needs to be shown to the investors to maintain the fare transactions and transparency in financial transactions. If organization fails to do so investors will have a bad opinion on the organization and stops investing in the organization. If any organization fail to disclose its information to investors that results in fraudulent financial reporting of data. It’s very important for the management to protect company’s financial information.

Every organization should record each and every transaction in order to continue fare and ethical and avoid implications with unsecured financial transactions. The most important part of the organization is to maintain the transparency in terms of financial transactions with investors to encourage and help them to create a healthy relation with the investors. A genuine and ethical way of approach gets the more investors to the organization. Every information should be maintained in such a way to make available with the investors through communication.

If unethical or unsecured transactions carry and there is a leak of personal data can lead to legal proceedings. Which again leads to so many questions in the investors mind? Hence maintaining the data properly and report the transaction in, formation will avoid the unethical and other implications in the organization