Due to the lack of fraud detection controls in Franks Tool Shop, the company may be facing bankruptcy. As the head of the internal audit department, you are preparing to train and inform company management of a needed loss prevention program in the area of cash receipts.
The complexity of financial transactions and the edits of accounts have contributed to widespread concern among certified internal auditors (CIA). Changes to accounts need to be approved and verified before and not after. Continual edits will compromise the integrity of a companys financial accounting system.Due to the lack of fraud detection controls in Franks Tool Shop, the company may be facing bankruptcy. As the head of the internal audit department, you are preparing to train and inform company management of a needed loss prevention program in the area of cash receipts. Using the Internet, and/or the Institute of Certified Internal Auditors website, research two articles about the cash control and audit process.
