Name a time when you faced an ethical dilemma and what you did about Ethics refer to the code of behavior that is acceptable in a profession. Ethics are implemented for the purpose of idealism. They aid in achieving the goals of an organization. As the financial officer of an audit firm, i have come across several situations that require implementation of ethics. Often mirroring morality, ethics are a matter of personal discipline akin to the firm’s principle. Without ethics, we are challenged in everyday decisions concerning competition in the short term. Managers of a firm may be tempted to take up actions that will ultimately ruin the firm’s position in the industry in the short run. Firms would still function without much implementation of ethics but these enable smoother functioning. They avoid corruption and other practices that may put the firm in compromising situations. Firms are likely to lose to competition and be of lower quality in services when no ethics are involved. In the last financial year of our firm, we were faced with an ethical dilemma concerning capital. The Chief Executive Officer informed a few members of staff that we required a capital injection in order to expand our premises. Our services were required by a number of well performing institutions in the economy. This requirement was an indication of growth in the quality and size of our firm’s services. The director of the firm thought it wise to obtain capital as soon as possible. This was an opportunity for competitive advantage over other audit firms in the industry which we had coveted for a very long time. I was convinced that we would be counting our blessings until the borrowing decision was challenged by the bank’s lending procedure. The bank required our cash flows to be sufficient over the past half year in order to obtain the loan. The firm’s cash flows however, did not meet the banks requirements and it would take longer than we had expected. This would obviously jeopardize our chances to reign above our rival firms. It is hard to imagine a situation where you would give in or even consider doing something that is unethical. Nevertheless,