Fraud Considerations for Nonprofits: Part 4 – Fraud Detection and Prevention

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Any discussion of prevention and detection of fraud begins with the concept of good internal controls. Internal control is broadly defined as a process, effected by an entity’s board of directors, management and other personnel, designed to provide reasonable assurance regarding the achievement of objectives in the following categories:

  1. Effectiveness and efficiency of operations
  2. Reliability of financial reporting
  3. Compliance with applicable laws and regulations

According to a COSO report, “Internal Control – Integrated Framework,” the 5 components of internal control are:

  • Control Environment – Effectively the tone at the top. Does the Board and top management display good ethics and their commitment to …read more

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