Internal Controls and Fraud Prevention

Financial Institutions

July 01, 2013

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Although some of the things financial institution employees or members of management do may seem routine or noncritical, it is important to remember that these seemingly small controls do matter and are a necessary part of the control structure for the institution as a whole. When basic controls are not implemented by management or not followed appropriately by employees, it may make it easier for fraud to occur at the organization. The following are areas where fraud and embezzlement can occur and some “common sense” controls that can minimize the financial institution’s risk.

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