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I need help.Thanks

iscussionboard/do/message?action-list messages&forum; id- 1633057_18nav-discussion board Fraud Controls and Communication: Poll Results In a poll of fraud professionals lack of proper checks and balances (internal controls) and lack of communication between departments was said to be part of the fraud risk problem the fraud professionals faced. What is a control? Give an example of a control that is used to deter fraud (try to use a different example from everyone else). Why do fraud professionals think comm departments will have an impact? Do you agree or not and explain. https://www.accountingtoday.com/news/companies-vulnerable-to-fraud-risks

Explanation / Answer

Control is process in which a manger cross check the as actual progress against the set standards / benchmark. It tells us about loopholes in the managerial system or actual done.

For example:

Accounting fraud related to reimbursement can be prevented through tie-ups the hotels, transport vehicles, and other lodging related facilities for various locations so that mangers cannot put fake bills to get reimbursement etc.

Even, quality of a raw material can be verified through a test lab, so actual business operations can be controlled through different techniques of quality control.

I am agree that when people from different department knows that what is expected from vendors, people etc. And what they are getting so for then they might counter the fraud related to purchase, accounting, recruitment, marketing etc. If, departments will have a proper system of communication then people will know the ethical guidelines and control points where they will have to give some extra care and due attention to prevent the fraud in business transaction. It will save time, money and effort of people.

For example: If, an agent is using the name of company to cheat the people then it can be only controlled when agent will be hired with control and supervision.

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