Multiple Choice
Which of the following best describes the three elements of the fraud triangle that commonly lead to financial failure in firms?
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6. Internal Controls and Reporting Cash
Fraud and the Fraud Triangle
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Which of the following have been found to be ethical norms in business?
A
Ignoring internal controls to expedite processes
B
Integrity and transparency in financial reporting
C
Concealing information to gain competitive advantage
D
Manipulating financial statements for personal gain
Verified step by step guidance1
Understand the concept of ethical norms in business: Ethical norms are principles that guide behavior in business practices, ensuring fairness, honesty, and adherence to laws and regulations.
Review the options provided in the problem: Analyze each option to determine whether it aligns with ethical norms in business.
Evaluate the first option, 'Ignoring internal controls to expedite processes': Internal controls are essential for ensuring accurate financial reporting and preventing fraud. Ignoring them is not ethical as it compromises the integrity of financial information.
Evaluate the second option, 'Integrity and transparency in financial reporting': Integrity and transparency are fundamental ethical norms in business, as they ensure stakeholders have access to truthful and clear financial information.
Evaluate the remaining options, 'Concealing information to gain competitive advantage' and 'Manipulating financial statements for personal gain': Both actions are unethical as they involve deception and violate principles of honesty and fairness in business practices.
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