When the leadership in any organizations carries out their responsibilities of establishing, maintaining and monitoring internal controls, it significantly reduces the possibility of fraud occurring. When and if it does occur, a good system of internal controls will often detect it early on. This presentation is an illustration of what can happen when top management fails to carry out their responsibility of protecting an entity’s assets through a good system of internal controls.
Learning Objectives
- Illustrate the importance of a good system of internal controls
- Assessing who is responsible
- Development of policies and procedures
- Differentiate between delegation and individual responsibility
- Identify those individuals who will steal
- Understanding the fraud triangle
- Explain the direct relationship between trust and fraud
Major Topics
- Who’s responsible
- The importance of policies and procedures
- The development, implementation and monitoring of internal controls
- There is no excuse
- Who steals
- The Tone At the Top and the Big Monkey Theory
