Multiple Choice
Which of the following is an example of poor internal control in an organization?
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6. Internal Controls and Reporting Cash
Fraud and the Fraud Triangle
Struggling with Financial Accounting?
Join thousands of students who trust us to help them ace their exams!Watch the first videoMultiple Choice
You can help prevent fraud, waste, and abuse (FWA) by doing all of the following EXCEPT:
A
Ignoring minor policy violations to avoid conflict
B
Participating in regular fraud prevention training
C
Maintaining accurate and complete financial records
D
Reporting suspicious activities to the appropriate authorities
Verified step by step guidance1
Understand the concept of fraud, waste, and abuse (FWA) in financial accounting, which refers to unethical or illegal practices that can harm an organization financially or reputationally.
Review the options provided in the problem and identify actions that align with ethical practices and fraud prevention measures.
Recognize that ignoring minor policy violations to avoid conflict is counterproductive to fraud prevention, as even minor violations can escalate into larger issues if left unchecked.
Understand the importance of participating in regular fraud prevention training, as it equips individuals with the knowledge to identify and prevent fraudulent activities effectively.
Acknowledge the significance of maintaining accurate and complete financial records and reporting suspicious activities to the appropriate authorities, as these actions are essential for transparency and accountability in financial accounting.
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