Abstract: This research note extends the research on ethical decision making in accounting by examining the effect of two variables, affect and tolerance of ambiguity, on ethics-related decisions made in two contexts: both personal and organizational settings. I conduct an experimental study among undergraduate accounting students and find that tolerance of ambiguity significantly influences ethical decisions in both personal and organizational settings. The results also reveal a significant interactive effect between negative affect and tolerance of ambiguity. Recommended citation: Weisbrod, E., 2009. The role of affect and tolerance of ambiguity in ethical decision making. Advances in Accounting, 25(1), pp.57-63. 