What is Statement of Ethical Professional Practice? Which element of Statement of Ethical Professional Practice is most closely connected with internal controls?
What will be an ideal response?
Answers will vary
Statement of Ethical Professional Practice describes the three elements typically present when fraud occurs. They are: the availability of an opportunity, the existence of some form of pressure leading to an incentive, and the capacity to rationalize. Opportunity is the one element of Statement of Ethical Professional Practice most easily controlled by the company through a system of internal controls.
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What will be an ideal response?
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Fill in the blank(s) with the appropriate word(s).
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Indicate whether the statement is true or false