Fraud typically is perpetrated by senior management; for example, a 1999 study indicates that the company’s chief executive officer and/or chief financial officer is involved in 83% of the fraud-related enforcement actions brought by the Securities and Exchange Commission. Committing fraud, an illegal act, obviously suggests a serious lack of ethical awareness and ethical sensitivity on the part of the perpetrators. Another feature of many frauds is that the company where the fraud occurred had a weak corporate governance environment. Corporate governance entails corporate structures and processes for overseeing the company’s affairs, including oversight by the board of directors of the actions of top management to ensure that the company is being managed with the best interests of shareholders in mind.