Question

Which one of the following statements is NOT correct about the codes of conduct ?
1. These cover general guiding principles
2. Their purpose is to regulate the conduct of members on various transactions
3. These are the broader sets of principles that are designed to inform specific laws or government actions
4. These translate the values into specific behavioral standards, keeping in mind the possible reflection on the stakeholders’ interest

Answer 1

Correct Answer - Option 1 : These cover general guiding principles

Explanation:

A code of conduct is the most common policy within an organization.

This policy lays out the company’s principles, standards, and the moral and ethical expectations that employees and third parties are held to as they interact with the organization.

( So Statement 1 is Wrong) as it is mentioned as general guiding principles

A code of conduct is an integral part of compliance efforts as it provides documentation that an employee or third party has violated company policy if illegal activity arises. 

A company’s code of conduct is a policy that outlines principles and standards that all employees and third parties acting on behalf of the company must follow.

The code of conduct reviews the organization’s mission and values and ties these ideals to professional behavior standards.

In many workplaces, codes of conduct become benchmarks of performance.