What is the most cost-effective way to minimize the cost of fraud?
A) Prevention
B) Detection
C) Investigation
D) Prosecution

Question

Quizplus · Accepted Answer

Prevention is the most cost-effective way to minimize the cost of fraud. By implementing effective internal controls and fraud prevention measures, organizations can reduce the likelihood of fraud occurring in the first place. This is not only more cost-effective than detecting and investigating fraud after it has occurred, but it also helps to maintain the organization's reputation and trust among stakeholders. While detection and investigation may still be necessary, prevention should be the primary focus in reducing the cost of fraud.

What Is the Most Cost-Effective Way to Minimize the Cost