Transcription of 3 Internal control systems and fraud - …
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3 Internal control systems and fraud - …
This chapter starts where the last chapter finished, by dealing with the externalregulations that affect accounting practice. Some of these are required by legislationand affect areas such as taxation, auditing and the regulation of limited companies. Others are accounting standards set both in the UK and internationally by independentaccounting standards main part of this chapter explains the Internal control systems that are set up in anorganisation to implement all the requirements of external regulations and otherorganisational chapter describes in detail: nthe different types of fraud that can be committed within an organisation nthe risk of fraud occurring within an organisation nthe areas vulnerable to fraudnthe need to design a system so that fraud is minimised, can be easily detected anddealt with as appropriateInternal controlsystems and fraud3this chapter external regulations affecting accounting practicelegislationThe term legislation covers a wide range of regulations based on UK Actsof Parliament and European Directives.
The FRC takes an active role in relation to the internal regulation of companies, ensuring that they comply with company law, accounting standards, and auditing standards.
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