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 anti-fraud 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.
-What are the benefits of a comprehensive control program? If you were advising this corporation, what would be the specific benefits for them?
-What would be the procedures that should be considered for detective controls, including independent checks and a system for documents and records?
-Discuss the possibility of a fraud hotline as part of your program. How can a hotline be implemented as a tool for preventing and detecting fraud? Provide an overview of steps that you would take for a successful implementation if the corporation wanted this option.
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