BACHELOR OF BUSINESS ADMINISTRATION

Detailed explanation-1: -Internal controls are processes and procedures implemented to ensure the integrity of accounting and financial information. Weak internal controls such as poor separation of duties, lack of supervision, and poor documentation of processes give rise to opportunities for fraud.

Detailed explanation-2: -An internal control weakness is a failure in the implementation or effectiveness of your internal controls. Bad actors can take advantage of weak internal controls to evade even the strongest security measures.

Detailed explanation-3: -The basic purpose of internal controls is to remove or reduce the opportunity for fraud. Rationalization is when perpetrators of fraud convince themselves that they are not stealing but rather they are correcting a perceived wrong, such as not being compensated enough.

Detailed explanation-4: -Strong internal controls can help prevent or detect fraud, waste and abuse by removing, or significantly reducing, the opportunity to commit and conceal improper or incorrect actions.