Question
In: Accounting
Preventing fraud is still not on the top of the agenda for many businesses and government...
Preventing fraud is still not on the top of the agenda for many businesses and government agencies. Why do you think this is the case? If you joined such a company/agency or had the opportunity to consult with one, then what arguments would you make to them for considering fraud prevention?
Solutions
Expert Solution
Fraud is an intentional action or concealment of facts designed to obtain an undue advantage of the other party.
Preventing fraud is still not on the top of the agenda for many businesses and government agencies, there may be many possible reasons behind it :
- Lack of awareness
- Considerable cost
- Ignorance of potential loss
Arguments to be made to make them for considering fraud prevention:
- Fraud prevention although costly, can save money in the long run.
- Fraud can easily destroy the hard work earned in years.
- In this modern age, data loss may be critical to any of the organisation.
- Fraud may lead to reputation loss to the organisation.
- Fraud prevention increases the confidence of stakeholders of the organisation.
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