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Question 02 Fraud hits companies from all angles the perpetrator could be...

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Accounting

Question 02

Fraud hits companies from all angles the perpetrator could be internal, external, or in many instances, there will have been collusion. Business partners remain a risk and fraud committed by management is trending upward. According to PwCs Global Economic Crime and Fraud Survey (2020), 39% of the frauds are committed by external preparators (customers, hackers, and vendors/suppliers), 37% of the frauds are committed by internal preparators (middle management, operational staff, and senior management) and 20% of frauds takes place due to the collusion between internal and external preparators.

A. Discuss the elements for fraud to occur and the appropriate controls that should be implemented by the businesses to mitigate the fraud risk. (15 marks) (maximum words 300)

B. Explain any five red flags that communicate the presence of fraud risk within the organization to the internal auditors. (10 marks) (maximum words 200) (Total Marks 25 marks)

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