The cases of corporate fraud have increased recently where organizations have suffered huge financial losses as a result of this practice. To curb this problem, accounting and audit professional bodies have come up with comprehensive internal control requirements that need to be adopted by public organization to minimize cases of fraud and risks mismanagement (Sebastian, 2011). This paper analyses how these rules can be implemented in the organization.
Benefits of internal control programs
A good internal control program provides management of the organization with an assurance, which is independent on the effectiveness of governance. The program will ensure