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Internal Controls Acc 556

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Running head: INTERNAL CONTROLS 1 Internal Controls Name University Name Course April 15,2018 INTERNAL CONTROLS 2 Answer A co-worker might attempt to circumvent in the following two ways: a) He could perform accounting fraud where he can knowingly perform miscalculation in estimating the company’s expenditure. b) Further, he can hack the company’s computer and steal money by transferring company’s money directly into his account. Two internal control methods are; a) Segregation of duties: It is a proven method to reduce company thefts. Companies should assign accounting related activities to different individuals. The money may be stolen due to lack of poor internal control because of the understatement of cash being made by the cashier. b) Documentation of business activities is another method through which fraud can be reduced. Answer A company’s successful growth over the year is because of its solid practice of sound business practice and unethical behavior. My anti-fraud program would involve approval of the business-related transaction from various company’s department. It would help in INTERNAL CONTROLS ensuring that all the business transactions related t ...
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