61) The fraud triangle includes: motive, opportunity and rationalization.
62) For effective internal control in an organization, the treasurer should have custody of the cash, and the controller should account for the cash.
63) Phishing refers to a program that enters program code into your computer without your consent.
64) Business risks are risks that companies will not achieve its objectives.
65) E-commerce creates risks such as computer viruses and stolen credit card numbers.
66) Internal control procedures include: proper approvals, unlimited access, adequate records and safeguard controls.
67) The
controller
is the chief accounting officer in an organization.
68) An audit represents the examination of an organization's financial statements excluding its accounting system and controls.
69) To maintain effective internal control, employees responsible for handling cash should not have access to the accounting records.
70) Proper separation of duties in an organization is an effective method of preventing fraud.