Question

1. ______should develop a statement of ethical values. 2. If employees lack ________, they may be ineffective in performing their duties. 3. Organizational structure provides a basis for planning, directing, and controlling _________. 4. The audit committee should be composed of directors who are not _______of the organization. 5. To enhance the control environment, management develops job __________.

Answer 1

According to the business and organization practices:

Senior Management should develop a statement of ethical values.

• This is because they are the ones that are responsible for establishing and enforcing rules and regulations.

If employees lack skills, they may be ineffective in performing their duties.

• This is because it is through the application of skills employers perform their functions.

Organizational structure provides a basis for planning, directing, and controlling Operations.

• This is because organizational structures are comprised of all the activities occurring in the company.

The audit committee should be composed of directors who are not employees of the organization.

• This is because fair and credible auditing should be done by people who are not biased or interested in the firm.

To enhance the control environment, management develops job descriptions.

This is because job descriptions will give all employees the ideas he needs to perform his functions.

Hence, in this case, it is concluded that business practices and operations are crucial to the success of any company.

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