So far in the course, you have examined several different types of government financial statements and learned about government funds and operations. Choose one of the following questions to discuss:What are some areas of risk in most local governments in relation to fraud?Discuss some areas of government funds or operations where you believe internal controls should be implemented, such as independent verification or separation of duties.How could these internal controls help prevent fraud in government operations? Among the suggestions from your peers, which controls do you believe will be most effective, and why?

The objective of the question is to discuss the areas of risk in local governments in relation to…

Answered: So far in the course, you have examined…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

So far in the course, you have examined several different types of government financial statements and learned about government funds and operations. Choose one of the following questions to discuss:

What are some areas of risk in most local governments in relation to fraud?
Discuss some areas of government funds or operations where you believe internal controls should be implemented, such as independent verification or separation of duties.
How could these internal controls help prevent fraud in government operations? Among the suggestions from your peers, which controls do you believe will be most effective, and why?

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