Anti Fraud Prevention

Jun 29th, 2015
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Management is aware of the increased requirements for a public company to maintain a system of internal control to help prevent and detect fraud. The CEO, Mary Moore, is also interested in using a proactive posture toward building an antifraud prevention program, including exploring using a proactive auditing approach to fraud discovery. The internal auditor and the external fraud investigator as well as accounting and consulting firms have discussed proactive approaches for detecting fraud. Management is aware that eliminating the opportunity for fraud is critical. Recently, the Institute of Internal Auditors (IIA), the American Institute of Certified Public Accountants (AICPA), and the Association of Certified Fraud Examiners have adopted a comprehensive guide for managing the business risk of fraud. Please answer the following questions in preparing this 4–6 page paper. As you answer each question, you must provide support or evidence that will enhance and empirically prove your ans

Word Count: 1228
Showing Page: 1/6
Anti-Fraud PreventionNameClassDateProfessor Anti-Fraud Prevention Fraud is the intentional act of stealing another individuals identity or misappropriating funds from a business or an organization. These individuals intentionally steal money from their business or commit acts of deception to gain the money of their victims. It is important for the company and even the individual to establish internal controls to prevent fraud. The company will need to employ a prevention plan that includes a clear fraud policy and use detection strategies to discover acts of fraud. Regardless of size or sector, training, especially involving loss prevention, is critical to any business (2009).The small business takes the greatest hit from this type of crime and it can cause the small business to go bankrupt. The FBI's Internet Crime Complaint Center released its annual Internet Fraud Crime Report in 2006. The reports included multiple fraud types, including auction fraud, non-delivery, and credit-card fraud, as well as non-fraudulent complaints, such as computer intrusions, spam/unsolicited email andchild pornography (2010). A monetary loss from business and personal fraud exceeds $660 billion annually and on average a business or organization will lose 6% of their profit in a year. Businesses with less than one hundred employees will be the hardest hit by this crime. Occupational fraud and abuses fall into three main categories: asset misap

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