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Accounting, Finance, SPSS
English (U.S.)
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Fraud Prevention and Detection Plan. Accounting, Finance, SPSS Essay (Essay Sample)


Fraud Prevention and Detection Plan
As the senior internal auditor for Innovative Hockey Gear, LLC, you have determined the appropriate fraud detection policies. Now you are working with your team to draft a fraud prevention and detection plan. Research the key elements of a fraud prevention and detection program and prepare a plan.
1. Evaluate the key elements that should be included in the plan, including a justification as to how the element is likely to protect corporate assets and minimize risk based on your research.
2. Create an argument to be presented to the senior leadership in support of a fraud prevention and detection plan, indicating the consequences of failure to implement the plan. Provide support for your argument.
3. Create an approach to identify the roles and responsibilities of key personnel in the organization, indicating the significance of each role in the fraud prevention and detection equation. Provide support for your rationale.
4. Compare the roles of management, internal auditors, external auditors, governing bodies, and the board of directors, and assess how each can contribute to your fraud prevention and detection plan.
5. Evaluate the tools that you would propose to use to make your plan more effective in mitigating or eliminating fraud and how you would justify the risk/reward ratio of each tool recommended.
6. Prepare a fraud prevention and detection plan based on your findings, indicating how you would communicate the plan to employees throughout the organization.
7. Predict the future occurrences of corporate fraud and the likelihood that it will be detected by regulatory agencies based on your research. Provide support for your rationale.
Use at least three quality resources in this assignment


Fraud Prevention and Detection Plan
Student’s Name
Fraud Prevention and Detection Plan
Preventing and detecting fraud is an important aspect of any organization due to the negative repercussions associated with the fraud. To prevent and detect fraud, organizations need to have a plan.
Key Elements
Some very important elements should be included in the plan. As Tamas, Petrascu, and Toader (2018) reveal, internal audits and internal controls have become the key elements in any anti-fraud programs or mechanisms. Internal audits are essential in assessing fraud risks and fraud prevention and detection (Tamas, Petrascu, & Toader, 2018). Internal audits also evaluate the relationship between risks and internal controls. It is crucial for the plan to encompass frequent and unexpected audits so that minor issues that can escalate to full-blown fraudulent activities are identified early enough. Further, internal controls, which are the plans put in place by the organization to protect it from fraud, are a key element in fraud prevention and detection plan. For example, clear separation of roles and responsibilities is an internal control that organizations put in place to ensure that employees do not have excessive control of assets or finances. 

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