Ethics in ConsultingEthical Dilemmas in ConsultingEthics has become an important topic in business today, with good reason. Just look at the headlines: Rajat Gupta scandal, Anil Kumar and Rajaratnam scandal, Enron, Worldcom, Health South, Great Depression, financial crisis due to unethical behavior of banks, etc. All these cases are linked to consultants directly or indirectly and they occurred due to the moral error of some of them. Ethics is an extremely relevant value in business and consulting. The presence of ethics and/or recognized ethical practices tends to reduce the need for informative or legal/contractual precautions in the formalization of relationships, for both parties involved in a negotiation. Consulting is an enigmatic profession. The industry is ridiculed, reviled or revered, depending on one's point of view. Management consultants and their moral standards, practices and behavior have been questioned and caricatured, but there is not enough appreciation that they often have to operate in situations characterized by ambiguity, ignorance, uncertainty and sensitivity and that they cannot always simply apply ethical rules in cooperating with their clients. Some large consulting firms Importance of ethicsEthics among professionals has received increased attention in recent lately. However, it is not surprising that ethics has received greater attention, especially in recent years. The latest developments in society and certain economic events have triggered this movement. Deception, turbulence, counterfeiting, relentless competition and economic creativity are just some of the main characteristics that motivate this behavior. Sometimes the trustworthiness and legitimacy... middle of paper ... The Securities and Exchange Commission has filed a civil complaint accusing Mr. Rajat Gupta, a member of the board of directors of Goldman Sachs and former managing director of McKinsey, of having told Mr. Rajaratnam about a $5 billion investment in Goldman by Warren E. Buffett's Berkshire Hathaway at the height of the financial crisis. Mr. Gupta, a revered former associate who had been elected chief executive three times in a row, leading the company for a decade, was ultimately convicted of criminal charges for leaking board business. administration. Such incidents highlight the importance of having appropriate ethical rules in counseling and the need to put strict barriers in place to guard against such infractions. In conclusion, ethics is an important part of the consulting industry and without a strong core based on ethical principles, a consulting firm may not aim to survive in the market in the long term..