Describe the elements of the fraud triangle. Provide an example of each.

  1. Describe the purpose of internal controls. What are the advantages and disadvantages associated with internal controls?
  2. Who should establish internal controls? How can they determine if they are operating effectively?
  3. Describe the elements of the fraud triangle. Provide an example of each.
  4. How does fraud involving cash compare with financial statement fraud?
  5. Outline an anti-fraud program that you would implement at a current or previous employer. How would it benefit both internal and external stakeholders?