Engineering Ethics Assignment Example | Topics and Well Written Essays - 250 words

Engineering Ethics - Assignment Example To understand about engineering ethics, it is important to analyze a recent case which involved the breach of these ethics. For instance, the latest engineering ethical issue that occurred on the 17th of October 2011 involved the Cardino Entrix Review Contract which raised sticky engineering issues. Despite meeting the relevant ethical engineering code of standards, the environmental consultants for the Keystone XL Pipeline project of the state department should have rejected the offer to take up the job as it depicted a conflict of interest. The conflict of interest in this case was as a result of suspicions of some sneaky actions. The avoidance of a conflict of interest is vital in the engineering ethical codes as Caredino Entrix had to disclose all the activities of the prior work in relation to Trans Canada who is the pipeline developer. This is vital as the absence of the application of the regulation, federal law and has to be done in a manner that will not create a conflict. This will only be possible if there is full transparent disclosure of the firm’s activities in the prior work. The engineers’ ethics codes require professional engineers to pay special consideration to the safety, health and the welfare of the community (Richard). After working as a team during the semester, there are several professionalism and ethical characteristics that have learned to practice in my engineering job. It is evident that within the engineering profession teamwork is an important aspect. Therefore, it is very important that I become accountable for my actions. It is also important to work in relation to moral ethics as well as set professional standard within my job

Explain why Listed Companies Produce Financial Statements for Coursework

Explain why Listed Companies Produce Financial Statements for Externals Users and how These are Regulated in the UK - Coursework Example According to Tracy, J. (2009), these users are interested in â€Å"four basic financial aspects of a business†. These four are the â€Å"sales revenue and profit or loss performance†, the â€Å"financial condition...in particular the solvency prospects of the company, the capital issued by the company and â€Å"any other claims that directly or indirectly participate in the profit of the business† and the sources and uses of the company’s cash flows (Tracy, 2009). Financial statements are especially critical for listed or public companies. These are the companies that are in the centre of the capital market of any country. These capital markets are the source of capital resources, which are needed by any company, in particular, and any economy, in general, to efficiently produce goods and services for the consumption of the public. Thus, the capital market should be effective in order to produce sufficient capital resources. In order to be effective; the participants (i.e., investors) of the capital market must be able to arrive at good investment decisions and must be able to obtain â€Å"useful information† from which they can base these good decisions. ... Recognising this, the various regulatory bodies (both in UK and in Europe) had emphasized the importance of issuing complete, timely and accurate financial statements by its listed companies. Various rules and regulations have been established to regulate the preparation of these listed companies’ financial statements. Some of these regulations provide general rules and guidelines in the preparation of the financial statements while others are more concerned with ensuring compliance to these rules and guidelines. One such regulation deals with the accounting principles to be utilised by the listed company in the preparation of its financial statement. The most recent regulation that was established for the required accounting principles was the 2002 regulation issued by the European Union (EU). The EU was established â€Å"to foster economic cooperation† and had â€Å"evolved into an organisation spanning all areas, from development aid to environmental policy† ( EU). It helped established common rules and policies for its country members. As a member of the EU, the UK needs to comply with these rules and policies. One such policy had a direct impact on the financial statement reporting process of listed companies and this is the Regulation (EC) No 1606/2002. In this regulation, the EU specifically stated that it aims to contribute to the â€Å"efficient and cost – effective functioning of the capital market† and to protect the investors and maintain confidence in the financial markets. To retain the competitiveness of EU’s capital market, it recognises the need to converge the accounting standards used in the preparation of