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    Internal Controls in Accounting

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    1. What are the main components of the internal control processes?

    2. Should internal controls prevent financial statement fraud? Explain.

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    https://brainmass.com/business/forensic-accounting/internal-controls-accounting-607954

    Solution Preview

    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.

    Please note that this is a study guide so you may wish to summarize and paraphrase the information further to suit your needs.

    Thanks,
    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.

    $2.19