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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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This is a discussion of internal controls in accounting and their role in preventing financial statement fraud.

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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 ...

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