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Nearly every business engages in some kind of accounting practices, no matter how simplistic. Even in a cash in, cash out system, a business must account for daily receipts and expenses if for no other reason than to report for taxes. The larger the company, the larger the accounting system needed to maintain the organization will be. In some companies, if not closely monitored, there can be occasion for fraud.
To prevent fraud and to ensure good accounting practices, audits are performed. These can be done at regular intervals or sporadically as a means of spot checking the financial employees. To facilitate these functions, auditing and fraud organizations were created. They ... more
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