So far in the course, you have examined several different types of government financial statements and learned about government funds and operations. Choose one of the following questions to discuss:What are some areas of risk in most local governments in relation to fraud?Discuss some areas of government funds or operations where you believe internal controls should be implemented, such as independent verification or separation of duties.How could these internal controls help prevent fraud in government operations? Among the suggestions from your peers, which controls do you believe will be most effective, and why?

The objective of the question is to discuss the areas of risk in local governments in relation to…

Answered: So far in the course, you have examined…

Auditing: A Risk Based-Approach (MindTap Course List)

11th Edition

ISBN:9781337619455

Author:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg

Publisher:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg

Chapter5: Professional Auditing Standards And The Audit Opinion Formulation Process

Section: Chapter Questions

Problem 34RQSC

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Question

So far in the course, you have examined several different types of government financial statements and learned about government funds and operations. Choose one of the following questions to discuss:

What are some areas of risk in most local governments in relation to fraud?
Discuss some areas of government funds or operations where you believe internal controls should be implemented, such as independent verification or separation of duties.
How could these internal controls help prevent fraud in government operations? Among the suggestions from your peers, which controls do you believe will be most effective, and why?

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