explain what is required of companies when it comes to three issues listed below. 1. sound...

explain what is required of companies when it comes to three issues listed below.

1. sound ethical culture,

2. effective governance structure?

3. effective internal controls.

Expert Solution

1. companies are required to promote ethical culture so that they can enhance employees morale and can motivate them to focus on social responsibility and fairness. companies should encourage employees to raise issues and be active in the ethics program through ethical training also the violators should be punished.

2. the companies should have a proper governance structure with proper rules and laws to direct and manage the company. the main focus remains on the boards of directors as they are the primary stakeholders influencing the governance of the company. there should be equity, transparency, accountability and responsiveness in the governing body of the company so that it can generate trust among the employees.

3. an effective internal control includes the company's plan of organization and all the action it takes to protects its data and resources from theft or fro getting waste. Internal control needs to be strong and can be improved by developing written policies, regularly performing reconciliations activity, by providing adequate training to staff and by maintaining strong supporting dcumentation.

Rahul Sunny answered 2 years ago

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