Weekly Reflection
Instructor:
Date
Internal controls and the fraud triangle are part of week four discussions. Information about the six principles associated with fraud protection and how each can help and hinder a corporation provided insight. Discussion regarding the application of internal control activities to cash receipts and disbursements provided guidance. No struggles with any of the topics discussed this week found. With internal controls in place one can protect a company and the assets of the organization from criminals seeking to commit fraud.
During week four, the importance of internal control and fraud protection and why companies must have something in place to prevent it discussed in length. As one may know, regarding new technology, people are trying different ways to commit fraud and steal from companies they work for and are the reason internal controls are important. This week provided guidance that no matter how perfect the practices of a company accountant, there is always room for improvement. The easy use of controls regarding the account records of an organization without putting a company into difficult situations provided guidance. Fraud has become extremely easy for some people to commit because they are put institutions that each is responsible for regarding so many aspect of the company accountant files and records.
This week the discussion of internal controls, the importance of controls, and examples of how controls hinder as well as support an organization began the week. Insight into numerous ways fraudulent behavior occurs that did not include company funds as well as several examples of situations involving married or related couples developed during the week. Additionally useful is discussion of internal control timelines and how controls slow down processes. Discovering the meaning of fraud triangles and each factor provided structure to acts of fraud along with various examples of fraudulent...