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Fraud Prevention

Fraud prevention programs are essential to set the right tone for an effective internal control framework. In addition, strong internal controls provide better opportunities to detect and deter fraud. Because of this, it is important to assess whether management has implemented formal communication mechanisms, internal controls, and internal or external oversight processes to effectively prevent or deter fraud. This could include the identification of fraud risks in an entity wide risk assessment program; or establishing a separate risk assessment program that considers the vulnerability of the company to fraudulent activities.