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About this document
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- 5 pages
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- Subject
- Accounting, Business Ethics
- Module
- ACC556 · Week 6
This document contains quiz questions on internal controls and fraud for ACC556. It covers topics such as creating a culture of honesty, internal control frameworks, and symptoms of fraud. It is useful for students preparing for their Week 6 quiz.
What's inside
- Culture of honesty, openness, and assistance
- Internal control frameworks
- Symptoms of fraud
- Whistleblower policies
- Tone at the top
- Oversight responsibility of audit committee, management, internal audit, and independent auditors
Who it is for: Students taking ACC556 in Week 6. (Postgraduate)
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Summary
Internal controls help prevent fraud. Students learn about the systems and policies that organisations use to manage risk and promote honesty. They see how these controls work in practice and how to spot signs of fraud.
Culture of honesty
A culture of honesty helps prevent fraud. Students see how organisations create this culture. They give an example from their own experience.
Internal control systems
Internal controls help prevent fraud. Students learn what a good system of internal controls looks like. They see examples of internal controls.
Fraud risk management
Students learn how organisations manage the risk of fraud. They see five principles of fraud risk management. They learn what a risk assessment is.
Fraud prevention
Students see how technology can help prevent fraud. They learn about the Foreign Corrupt Practices Act and the U.K. Bribery Act.
Key terms
- Whistleblower policies
- Policies that encourage employees to report fraud without fear of retaliation.
- Tone at the top
- The moral example set by an organisation's management.
- Internal audit
- An audit of an organisation's internal controls to prevent fraud.
- Enterprise Risk Management
- A system for calculating and managing an organisation's risk.
- Risk assessment
- A process for identifying and managing an organisation's most critical risks.
- Symptoms of fraud
- Signs that fraud may be happening.
Questions this document helps with
- What are the signs of fraud?
- What is a good system of internal controls?
- How do organisations manage the risk of fraud?
Summary written with AI from the document's text.
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