b. An adequate understanding of basic concepts and theories of ethics is a prerequisite for the evolution of the skills needed to address ethical issues that could arise while carrying out your duty as a professional accountant. Distinguish between ethical absolutism and ethical relativism. Also, identify THREE types of ethical relativism. (10 Marks)

(b) Ethical Absolutism

  • This theory holds that there is a set of ethical principles applicable to all situations, at all times, and in all societies.
  • It holds that what is right or wrong can be judged by objective standards.
  • It asserts that moral rules are universal without exception.

Ethical Relativism

  • This theory holds that what is ethically acceptable depends on factors such as culture, time, or social class.
  • There is no absolute truth, and moral standards can only be judged within the context of the culture
  • .

Types of Ethical Relativism:

  • Descriptive Ethical Relativism: Different cultures have different ethical standards.
  • Normative/Cultural Relativism: Moral values are culture-dependent, and cannot be judged by external standards.
  • Religious Ethical Relativism: Morality is determined by religious viewpoints, recognizing that no religion is universally practiced.
  • Historical Relativism: This variant of relativism holds that what is right or wrong is dependent on the historical period within which it is being considered.