How can internal controls help to prevent fraud?

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Una760

Programming

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How can internal controls help to prevent fraud? Be thorough in your explanation

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Internal controls and fraud prevention
Many companies may not be ready to accept that their businesses are vulnerable to fraud.
A report published to the nations by Association of Certified Fraud Examiners, projected that a
normal business firm loses 5% of its annual revenue due to fraud. According to the report, fraud
inherently involves concealment efforts and many cases are never detected. Organizations are
positive to implementing particular ant-fraud controls internally in effort to lessen the
opportunities for fraud commitment. First step is that they should understand the ways in which
occupational fraud may be carried and determining which internal controls to put into practice.
Occupational fraud schemes according to the report may be put in to three categories and
which include; Asset misa...


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