For this assignment, select one Component of Internal Control discussed in the framework:
- Control Environment
- Risk Assessment
- Control Activities
- Information and Communication
- Monitoring Activities
Discuss the implications of the selected component or control area. How does this relate to the types of fraud you have studied during the course, like larceny? How do the controls you selected build a better culture in an organization? You might refer to a case you presented during the class and how the issues from that case might have been avoided if this component of internal control had been applied effectively.
a) When you select one of the components from the internal control framework, you are not necessarily stating your view that one is best compared to the others, since each has a unique role in the whole.
b) Toward the end of your discussion of the component, you considered comment on how that component interacts with or supports other components in making up the whole. That is the point of this ending.
This Report unites the various sources and information you have collected during the course. The Report, including a reference list, is to generally comply with the American Psychological Association (APA) style rules. Times New Roman font is standard for APA formatting. As noted elsewhere, the Report should be single-spaced with a blank line between paragraphs. Completed Reports are to be posted to the Project Report Assignments folder.
A successful Report should not require more than two pages in most instances. This should be an opportunity to look back on the course and see how organizational risk, risk management, and systems of internal control come together to deter fraud.