ACC 305 Intermediate Accounting III

User Generated

gobar1987

Business Finance

Description

Outline a fraud prevention plan for a retail organization to reduce the likelihood of error and fraud. In your plan, identify two (2) types of potential errors that could occur and two (2) types of fraud that could occur.

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Explanation & Answer

Strengthening internal controls is seldom accomplished by enhancing one process thus rather it involves a comprehensive review of the risks faced, the existing internal controls already in place and their adequacy in preventing fraud from occurring.

2.Type I error, also known as a “false positive”: the error of rejecting a null

     Type I error


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