Management Control Assignment Help Introduction

Fraud is the act of stealing and misappropriating the individual identity and financial statement of the organizations. It is important for the organizations to build internal controls and other detective measures in order to prevent frauds. In this fraud prevention program case study assignment help paper, benefits of comprehensive control program have been identified. Along with this, procedures that should be considered for detective controls along with importance of fraud hotline have been discussed in this assignment help.

 

Comprehensive Control Program Comprehensive control program is the strategy, which provides different techniques in order to take prevention from the fraud and other illegal activities. This program provides several benefits to the corporations and companies through which, they can formulate effective controlling techniques. It provides different detective, preventive and corrective controls, which are helpful in reducing the chances of illegal activities. Through this, companies can also apply new and improved auditing standards and can provide rules concerned with standard of controls (Armstrong, 2006). Comprehensive control program also provides strategies and methods for eliminating frauds, while making the company proactive and protecting it from frauds. For the corporation, it would be helpful in making the controlling techniques. It will provide various controls to protect the assets and private information related to company personnel. Comprehensive Control Program will also apply detective controls, so it will alert the company officials regarding the potential threats of frauds. Moreover, it will also be beneficial for the company to find and investigate the possible incidents of the frauds (Wells, 2011). Company can also take corrective measures in existing control measures and apply alternative actions for any unbeneficial controlling plan. It will be helpful for the company in providing measures to remedy problems that have been discovered. With the help of this, the corporation can also adopt more effective strategies, so that future frauds can be prevented and detected. Thus, it is identified that in order to detect and prevent the frauds, it is important for the companies to build internal controls. Companies have to build the prevention plan, which clearly defines the fraud policies, procedures and detection strategies. Apart from comprehensive control program, companies will also be able to reduce the frauds by creating the ethical culture in the working structure (Great Britain: National Audit Office, 2008).

 

Procedures for Detective Controls Organizations have to follow an appropriate procedure for the detective controls including independent checks and a system for documents and record keeping. There are different procedures such as random audits, external audits, designated reporting structure, inventory counts and investigations for detective controls. It is analyzed that apart from these procedures, monitoring activities are other important processes for detection procedures for fraud (Çaliyurt & Idowu, 2012). In case of detective control, organizations should monitor the data, assets and accounting system, which is helpful in detecting any act of fraud in the financial information of the company. Monitoring the activities is also helpful for improving performance of the employees. Further our business assignment help experts says that companies will also build the ethical working environment through monitoring the activities and financial statements. Companies should store the record and document in the locked and authorized area. Organizations should also not reveal the private information of the company personnel. This method is efficient in preventing and detecting the frauds within the company. Another procedure of detecting frauds is supervision of employees during the working hours (Levinson, 2010). Organizations should also provide training to the employees in order to educate them for the sign of fraud and give guidance regarding proper steps for reporting fraudulent activitiesy. Random audit is also helpful in detecting the frauds in the companies. External auditor should conduct the random audit of the financial documents and other statement of the companies. Random audit reduces the chances of manipulations in the financial statements of the companies. At the same time, internal audit also identifies the prevailing strategies and policies of the organizations (Goldmann & Kaufman, 2009). Thus, companies do not require providing the preventive measures of fraud to the employees. This is because with the help of preventive measures, fraudulent person can easily commit the illegal activities.

 

Fraud Hotline Fraud Hotline is the strategy that encourages employees to take action, when others do any illegal and fraudulent activity. This strategy also develops confidence among employees who report for the misconduct. Organizations can use the Fraud Hotline as the anti-fraud program. Fraud Hotline supports the whistle-blowers and plays an important role within the organization in order to detect and prevent the fraud. Fraud Hotline provides the telephone number to all the employees (Vona, 2008). With the help of this, employees can left the message regarding fraud anytime during day and night. Further, hotline also assures that its number will not be revealed in front of other people in the organization. This program provides more comprehensive procedures and is designed to fill the gaps for protecting the company from fraud. Through the fraud hotline, employees and other stakeholders will be aware of the areas that are vulnerable to fraud. Through Fraud Hotline, quick action can be taken for the illegal activities and safety to the employees could be provided (Newburn, Williamson & Wright, 2012). Therefore, it is one of the most important tools for preventing and detecting the frauds in the company. Before, implementing this program within the organizational structure, it should identify the departments and sections, where frauds can be conducted. After analyzing the areas, proper training should be given to the employees regarding the working of fraud hotline. Moreover, companies should develop the confidence among employees who action against the illegal activities within the organization (Great Britain: National Audit Office, 2008). After providing training, this program should be implemented in the organizational structure. Moreover, corrective actions should be taken, if it is not beneficial for the company and other employees. By following all these steps, organization can be able to gain efficient results from the fraud hotline program (Çaliyurt & Idowu, 2012). Suppose, an incident of fraud has been reported to company’s fraud hotline then investigation on such activities should be started. Afterwards, investigation will be conducted properly and uncovered the fraud acts in the company. Before making any determinations, organizations will gather the supportive evidence and facts. Apart from this, organization can also develop the risk assessment method and alternative detective measures to implement.

 

Conclusion From the above discussion by assignment help experts, it has been concluded that comprehensive control program provides different techniques and strategies in order to prevent the frauds and illegal activities. Further, monitoring is the best method for detecting controls in the organization. Some other methods are also identified such as external audit, random audit, inventory counts and investigation. Fraud hotline is the method that supports the employees in order to take action, when other people do any illegal and fraudulent activities.

 

References Armstrong, M. (2006). A Handbook of Management Techniques: A Comprehensive Guide To Achieving Managerial Excellence & Improved Decision Making. USA: Kogan Page Publishers. Çaliyurt, K. & Idowu, S.O. (2012). Emerging Fraud: Fraud Cases from Emerging Economies. USA: Springer. Goldmann, P. & Kaufman, H. (2009). Anti-Fraud Risk and Control Workbook. USA: John Wiley & Sons. Great Britain: National Audit Office (2008). Progress in tackling benefit fraud: Department for Work and Pensions. USA: The Stationery Office. Levinson, D.R. (2010). Health Care Fraud and Abuse Control Program: Annual Report for Fiscal Year 2009. USA: DIANE Publishing. Newburn, T., Williamson, T. & Wright, A. (2012). Handbook of Criminal Investigation. USA: Routledge. Vona, L.W. (2008). Fraud Risk Assessment: Building a Fraud Audit Program. USA: John Wiley & Sons. Wells, J.T. (2011). Corporate Fraud Handbook: Prevention and Detection. USA: John Wiley & Sons. Get 100% original and quality business assignment help services from our experts. We assure you that you will get authentic content assignment help from our experienced assignment writers of US,UK and Australia.