Reference no: EM132833789

As an accountant, it will be critical to recognize the symptoms of fraud. By that, it means before it happens the accountant or fraud prevention specialist can see potential scenarios where fraud will occur if the procedures remain the same and recommend change. Elgin Aircraft manager and fraud prevention specialist did not detect the symptoms in sufficient time to prevent fraud in the organization. If left unhandled, fraud affects the stakeholders and we are all stakeholders in some way or another. We may own stocks in the firm or industry, or we may have to pay hidden costs associated with fraud prevention and recovery. If there is an internal controls weakness, as an auditor, it is your responsibility to be ethical and report it. If you are in HR looking at the timekeeping patterns can also indicate weak internal controls. Faulty and inaccurate ledgers. Open cultures and honest communications can only help reduce or prevent fraud.

• As future CPAs and accountants the steps you are taking now to prepare for the exam are also transferrable into the office as auditors and manager. Ultimately you are creating an environment for success where you intend to sit the exam or not so prepare as if you are.

Problem 1: What steps are you taking now to prepare for the CPA exam or to become an accounting professional?