How can companies combat fraud?
A) Internal Audits
B) External Audits
C) Safe locks
D) Both A and B
E) None of the above

Question

Quizplus · Accepted Answer

Both internal and external audits are crucial in detecting and preventing fraud. Internal audits assess the effectiveness of a company's internal controls and identify any areas of weakness or susceptibility to fraud. External audits provide an independent review of a company's financial statements and can detect any fraudulent activity that may not have been caught during internal audits. Combining both types of audits can provide a comprehensive approach to fraud prevention. Safe locks may also be helpful, but they are only one measure and should not be relied upon as the sole solution.

How Can Companies Combat Fraud