ABSTRACT
One of the principal responsibilities belonging to the highest level of authority in any organization is to establish the ethical values that the organization will follow. In a simple corporate structure with a Board of Directors, Chief Executive Officer and an executive management team, the Board has the responsibility to approve and monitor the company's ethical values. No matter how well designed, a written code of conduct cannot be sufficiently detailed to clearly establish the norm for employee behaviour in every situation. It is simply not possible to foresee every specific ethical dilemma that might occur and to define the appropriate response. Fraud awareness training is necessary for raising employee understanding of the code of conduct and organizational values, but another awareness tool is also important in this regard. Another responsibility that rests with the Board or highest authority is to consider and monitor the major risks and opportunities facing the company.
