Management is aware of the increased requirements for a public company to mainta

Question

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 answers. Academic criminal justice articles or real life criminal justice findings that are not found in journals or other academic sources must be used in supporting your answers. Please use APA style for all cited sources, including your reference page.

What are the benefits of a comprehensive control program? If you were advising this corporation, what would be the specific benefits for them?

Explanation / Answer

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.

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