This report provides an executive summary and detailed analysis of ethics within corporate governance, with a specific focus on the financial industry and the recommendations of the Royal Commission. The report incorporates the theory of virtue ethics to address misconduct, emphasizing the importance of moral character and ethical codes. It examines the Royal Commission's observations regarding conduct, reward, power imbalances, conflicts of interest, and corporate liabilities. A case study on Freedom Insurance illustrates deceptive practices, highlighting violations of ethical standards and the detrimental effects on customer relationships. Furthermore, the report analyzes the application of Accounting Professional and Ethical Standards 110, which governs the conduct and professional ethics of Certified Public Accountants in Australia.
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