Many companies do not have sound policies and procedures. Even those who do, do not always look for controls in those procedures, or understand the link between sound, workable internal controls and deterring fraud.

Companies should have a written internal control policy. In many cases, it is written, approved and put on a shelf and not effectively used.

An effective internal control policy should become a mindset that every employee is aware of its importance.

Fraud can occur in the best of organizations, but those with effective controls should be able to detect it in a timely manner. Effective policies do help to deter fraud. There are red flags that employers and auditors can look for to help detect fraud.What You'll Learn:Internal Controls

• Difference Between Processes and Controls
  
• Effective Controls and Why They Matter

Segregation of Duties

• How Can Segregating Duties Create Better Controls?

Fraud

• Costs to Companies as a Result of Fraud
  
• Types of Fraud
  
• Fraud Prevention and Illustrations of Fraud (Examples)