The Code of ethics is a set of moral principles and rules of conduct that is needed in human interactions and actions. These are desired rules of conduct that are based on values, principles and rules of responsible business conduct and behaviour in a particular organization. The Code of ethics needs to be concise and clear. Values are the most important part of the Code of ethics. The Code of ethics must not contain strict rules and it needs to be enforceable. All employees of a particular organization must agree to the Code of ethics. Business ethics is an integral part of the Code of ethics. It is a form of communication and conducting business in consistence with the natural, biological, spiritual and sociological environment. The development of the Codes of ethics became very important during the 1980s. There was a great deal of corruption and bribery in institutions at that time. The Code of ethics generally consists of introduction or preamble, value statements, set of rules which can be categorized in different ways and implementation guidelines which contain sanctions for violating the Code of ethics. The principles of the Code of ethics should be based on the standard and values of an organization. Ethics committees have an important role in the implementation of the Code of ethics. They hold meetings to discuss possible ethical problems and provide solutions. Furthermore, they determine possible violations of the Code of ethics and sanction them if necessary. They also complement the Code of ethics.