Internal Controls in Accounting
1. What are the main components of the internal control processes?
2. Should internal controls prevent financial statement fraud? Explain.
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Hi,
Below are the answers to your questions on internal controls in accounting and their role in preventing financial statement fraud. I hope this helps you in your studies.
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Fariba Mitchell
OTA # 105428
Internal Controls in Accounting
1. What are the main components of the internal control processes?
Control environment: This is about the company's attitude and that of its, management, and employees toward internal controls. Do they think internal controls are a serious matter that needs focus and attention, or do they ignore internal controls (Loughran, 2015)?
Risk assessment: This refers to whether the ...
Solution Summary
This is a discussion of internal controls in accounting and their role in preventing financial statement fraud.