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Explain at least three of the roles which the Human Resource function can play in reducing the fraud risk within a company.
Step by step
Solved in 3 steps
- The fraud triangle identifies incentives, opportunities, and rationalizations as the three elements associated with frauds. Describe how these elements are related to the occurrence of fraud.Explain the link between the opportunity to commit fraud and corporate governance systems.Internal control is said to be the backbone of all businesses. Which of the following is the best description of internal controls? A. Internal controls ensure that the financial statements published are correct. B. The only role of internal controls is to protect customer data. C. Internal controls and company policies are important to protect and safeguard assets and to protect all company data and are designed to protect the company from fraud. D. Internal controls are designed to keep employees from committing fraud against the company.
- Define “fraud.” List andbriefly discuss the three major components of the fraud triangle.When a fraud has occurred within an organization, management must decide what follow-up action (s) to take. Briefly describe the three follow-up alternatives available to organizations?A company wants to implement good internal control. What are the policies and procedures you can suggest to minimize human frauds and errors?
- Show how the role of governance structures, internal controls and compliance policies help in the prevention of financial fraud. NB: Site refrencesExplain one gap the company has in internal control procedures in which fraud or errors could occur? What can the company do to prevent or detect this fraud or error? In your own words, explain the importance of internal control procedures.A business wishes to establish sound internal controls. What rules and processes can you recommend to help limit human fraud and error?
- Which of the following would assist an entity in cat and prevent fraud? a. Accounting reconciliations b. Segregation of duties c. All the options d. Performance reviewsWhich of the following benefits of an effective accounting information system provides safeguards for a business’s assets and reduces the likelihood of fraud and errors? Flexibility Relevance Control CompatibilityExplain the role of the Risk Manager in fraud detection Explain the role of the Risk Manager in fraud detection
