What is the most cost-effective approach to managing fraud?
A)prevention
B)detection
C)prosecution
D)compliance

Question

Quizplus · Accepted Answer

Prevention is the most cost-effective approach to managing fraud because it focuses on proactively stopping fraud from occurring rather than reacting to fraud after it has already happened. Prevention measures, such as establishing internal controls, conducting background checks, and providing employee training, can be implemented at a relatively low cost and can help to prevent fraud from occurring in the first place. Detecting and prosecuting fraud can be time-consuming and expensive and may not always result in a successful recovery of losses. Compliance is important, but it is not necessarily an effective strategy for managing fraud on its own.

What Is the Most Cost-Effective Approach to Managing Fraud