How to prevent reporting of ficitious revenue
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What is the most effective way to prevent fictitious revenue from being fraudulently reported in the financial statements?
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Solution Summary
The 246 word cited solution explains the source of ficitious revenue and how it can revealed, prevented and minimized.
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Fictitious Revenue is revenue recognized on a nonexistent sale or service transaction.
http://www.finance-lib.com/financial-term-fictitious-revenue.html
Therefore, fictitious revenue is fraudulent, and the best way to prevent fraudulent activity within a company is to have very good internal control measures in place that are being monitored on a regular basis.
Good internal controls rely on a structure designed ...
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