The basic objective of this study is to establish the groundwork for advertising ethics by evaluating the perceptions of the advertising source group and advertising audience group by using the coorientation model. In todays world, advertising is not only an economic toot but has become a well-established social institution. As a result more emphasis is placed on social responsibility and this has become the foundation for advertising ethics. To establish advertising ethics, a regulatory approach is important but a perceptual approach is important as well. To date there has been extensive research on advertising ethics using the regulatory approach in Korea, however there hasnt been much research using the perceptual approach.