No more than 5 sentence per questions.
This topic, fraud, is an ongoing concern in any profession. Each profession needs to have a code of ethics and accounting seems to be the target to have very high ethics for the reason that they numbers that are presented to the public can affect investment and business decisions. Think about your profession, what type of ethics are related to this profession? Why are ethics important?
We have had a great discussion on Internal controls. One more thought. Think about your last trip to the grocery store. What type of internal controls do you think the store has in place to prevent employee theft?