The primary responsibility for fraud prevention and detection rests with
A)the law enforcement authorities
B)the auditor
C)the management of the company
D)the legal counsel of the company

Question

Quizplus · Accepted Answer

The management of the company has the primary responsibility for fraud prevention and detection. The management should implement effective internal control systems, establish a code of ethics, monitor transactions and financial reporting, and provide fraud awareness training to employees. The auditor and legal counsel may also play a role in fraud prevention and detection, but their responsibilities are secondary to the management's role. Law enforcement authorities get involved after a fraud has been committed, so their involvement is not considered a preventive measure.

The Primary Responsibility for Fraud Prevention and Detection Rests with