Speaking to guests of an International Center for Corporate Accountability forum assembled at the United Nations Delegates dining room, Parrett challenged companies to make "a real difference" by agreeing to establish an independent monitoring process of their conduct and to communicate the findings to the public.

In a speech titled "Globalization's Next Frontier: Principled Codes of Conduct That Bolster The Rule of Law" Parrett told global ethics and business leaders, representatives from non-governmental organizations and academic institutions that globalization and world security itself could be jeopardized unless multinational corporations develop ethical conduct that adheres to values and principles rather than just written law.

"I challenge multinational corporations to make a real difference by implementing voluntary codes of behavior that set objective, quantifiable standards," said Parrett. "This goes for my profession -- the accounting profession. We have always strived to 'follow the rules,' but in the wake of scandals and the loss of investor confidence, we obviously must do more to restore public trust."

Parrett added that, in a global environment, principles are important because rules cannot cover all situations.

"Today, the world is watching and hoping," he said. "Deloitte and multinational corporations have two options -- we can decide to act out of self-interest, engage in minimal compliance and let profit be our only measure of success, or all of us can step up and decide to be leaders, bolster the rule of law through our conduct and bring together new markets for global well-being."

Parrett's remarks also focused on improving social conditions and the gains that could be garnered by companies and their communities when those companies follow principled codes of conduct. 

"The divide between those who have and those who don't will continue to grow -- and provide fertile ground for the seeds of hatred and unrest to take root, leading to terrorism," Parrett said. "Such disparity cannot be ignored, nor can the conduct of companies who profit from unethical economic behavior." 

"What I am talking about is ethical behavior that will promote globalization as an ever-growing force for peace and prosperity," Parrett said.

Deloitte is creating a global code of conduct, basing its development on nine ethical principles to unite its 120,000 people in 150 nations. The code, to be formally adopted and announced at the firm's World Partners meeting to be held in Rome later this June, is being designed as an overarching guide for Deloitte member firms.

"While establishing our code is a crucial first step, our conduct is more important. As our Chief Ethics Officer says, 'It's the behavior, it's not the paper, that counts," concluded Parrett.

The meeting of the International Center for Corporate Accountability was held in conjunction with the University of Pennsylvania, Wharton School of Business, and Baruch College's Zicklin School of Business.