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How the absence of internal control can increase likelihood

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Reference no: EM132587365

Your friend Tim plans to open a business for the manufacturing and supplying of juices. Tim states that he does not have time to develop and implement a system of internal control.

Question a) Explain to Tim how the absence of internal control can increase the likelihood of fraud in his business.

Question b) Describe FOUR internal control procedures appropriate for his business that Tim must establish to protect himself against fraud and misappropriation of inventory and other assets.

Reference no: EM132587365

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