Ethics And Compliance Essay

1450 words - 6 pages

Ethics and Compliance PAGE \* MERGEFORMAT 4
Running head: ETHICS AND COMPLIANCE AT LOWE'SEthics and Compliance at Lowe'sCory PriceMonica ValdezEvan LloydUniversity of PhoenixMay 20, 2009"With fiscal year 2008 sales of $48.2 billion, Lowe's Companies, Inc. is a FORTUNE® 50 company that serves approximately 14 million customers a week at more than 1,650 home improvement stores in the United States and Canada. Founded in 1946 and based in Mooresville, N.C., Lowe's is the second-largest home improvement retailer in the world." (2008) This paper will assess the roll of ethics and evaluate the financial performance of the Lowe's corporation.Companies such as Lowe's and Home Depot Inc. are as detailed as possible when writing the ethical standards that form the businesses foundation. These ethical guidelines are implemented within the organization by the employees to provide the best possible business to all customers as well as to follow the regulations that SEC has incorporated to protect the investors. These ethical guidelines are incredibly detailed and include everything from commitment to stockholders, compliance with laws and regulations that includes financial controls to code of ethics for senior financial officers. In the Lowe's code of conduct they state, "Each Employee will conduct all dealings with Lowe's customers and suppliers fairly and will compete honestly and ethically. Employees should not seek to obtain any advantage for the company by manipulating or concealing facts, misusing privileged information, misrepresenting material facts or otherwise acting illegally, unfairly, dishonestly or unethically." (2008) Lowe's feels that their employees are representatives in every aspect of the company, and therefore, should conduct themselves with the highest level of integrity. The following statement sums up how Lowes feels about compliance to laws and regulations, "Lowe's values its reputation for complying with applicable governmental laws, rules and regulations in the conduct of its business. Therefore, every Employee, while acting on behalf of the company, shall comply with all applicable governmental laws, rules and regulations, and should avoid engaging in any conduct that, even though legally permissible, is inconsistent with the ethical principles to which Lowe's subscribes." (2008) While obeying the law is important, financial ethics are equally important to Lowe's.Within the financial controls section of the code of ethics it explains in detail in the Home Depot, Inc. "The Company's books and records must accurately reflect all company funds, assets and transactions." (para. 28) The employees are held to high standards within the company to maintain all records within standards and be sure they are correct and up to date. Each associate is held liable for completing their section of the work and maintain all documentation without misleading or false information. Likewise, Lowe's Inc (2009) "required the member of its board of...

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