Fraud Prevention
Ashley Davis
CRJS270-1103A-05
Security and Loss Prevention
IP5
8/18/2011
Abstract
This paper is about the benefits of a comprehensive control program. It will also talk about what would be the benefits from a control program. It will also talk about what procedures should be taken into consideration for the controls, including independent checks, and a system for the documents and records. It will go into talking about a fraud hotline program to help detect fraud and also preventing fraud.
Fraud Prevention
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. Before you can really figure out what the benefits of a comprehensive control program is. You have to know what a comprehensive control program is. A comprehensive control program is fraud education: teaching employees about the risk of fraud, Fraud Investigation: investigation instances of fraud, and Fraud Prevention: evaluating, designing, and implementing controls that proactively prevent fraud. Now that we know what comprehensive control program is we can go into detail what the benefits are for each one. Fraud education is very beneficial to the company because without knowledge of something how would you be able to understand and to detect what fraud is and how it is committed. (Sullivan, 2005) “There are many ways you can educate your employees about fraud and what the risk are. Fraud policies should be given to new employees. New employees should sign a statement confirming that they received the fraud policy document and that they read and
CRJS270-1103A-05
Security and Loss Prevention
IP5
8/18/2011
Abstract
This paper is about the benefits of a comprehensive control program. It will also talk about what would be the benefits from a control program. It will also talk about what procedures should be taken into consideration for the controls, including independent checks, and a system for the documents and records. It will go into talking about a fraud hotline program to help detect fraud and also preventing fraud.
Fraud Prevention
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. Before you can really figure out what the benefits of a comprehensive control program is. You have to know what a comprehensive control program is. A comprehensive control program is fraud education: teaching employees about the risk of fraud, Fraud Investigation: investigation instances of fraud, and Fraud Prevention: evaluating, designing, and implementing controls that proactively prevent fraud. Now that we know what comprehensive control program is we can go into detail what the benefits are for each one. Fraud education is very beneficial to the company because without knowledge of something how would you be able to understand and to detect what fraud is and how it is committed. (Sullivan, 2005) “There are many ways you can educate your employees about fraud and what the risk are. Fraud policies should be given to new employees. New employees should sign a statement confirming that they received the fraud policy document and that they read and
References: FDIC, Initials. (2005, August 16). Financial institution letters. Retrieved from http://www.fdic.gov/news/news/financial/2005/fil8005a.html Lister, L. (2007). A Practical Approach to Fraud Risk: Comprehensive Risk Assessments can Enable Auditors to Focus Antifraud Efforts on Areas where their Organization is most Vulnerable. Retrieved August 19, 2011 from http://www.allbusiness.com/legal/legal-services-litigation/8958091-1.html Phillipps, T. (2011). Framanagement wake-up call: fraud prevention no longer discretionary. Retrieved from http://www.deloitte.com/view/en_AU/au/services/forensic/ea0e33d0303fb110VgnVCM100000ba42f00aRCRD.htm PI, now.com. (2011). Fraud investigation. Retrieved from http://www.pinow.com/investigations/fraud-investigations Sullivan, G. Office of the Inspector General, Guide to Developing and Implementing Fraud Prevention Program. (2005). guide to developing and implementing fraud prevention program (. CR-1094-21-30-4/05-IGO). Massachusetts: Retrieved from http://www.mass.gov/ig/publ/fraudadv.pdf