Corporate Fraud and Internal Control Workbook: A Framework for Prevention

Chapter Seven

Controlling Fraud

ANSWERS: FILL IN THE BLANKS

1. rules, processes, laws

2. financial reporting

3. auditors, management

4. independent directors, independent directors, financial

5. dishonest board executives

6. pressured, encouraged

7. turnover, absenteeism

8. understood, accepted

9. organizational tone, values, beliefs

10. corrupt

11. reviewed, prevent, detect

12. controllable

13. oversight

14. subcommittee

15. chairperson, governance, independence

16. formalized charter

17. effectiveness

18. reduces

19. fraud strategy, annual

20. receipt, retention, handling, business procedures

21. adequacy, business fraud risks

22. complexity, unauthorized financial movements

23. fraud risk, internal controls

24. independence, accountability

25. external, objectivity

26. effectiveness, detected, remediation, recovery

27. broadly, people, reasonable assurance

28. planning, organizing, directing

29. Preventive controls

30. Detective controls

31. Corrective controls

32. Offset controls

33. Directive controls

34. Control objectives

35. control risk, consistent

36. require, need-to-have

37. investigation

38. formal job descriptions

39. control objective, control technique

40. Active supervision

41. control environment

42. organizational infrastructure

43. control framework, external influences

44. lack of internal controls

45. persons, skills and competencies

46. fraud risks, risks ...