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The internal control standards
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The procedures that pertain to their specific role and function
All Managers and Personnel Should Understand
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How the overall system works
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Their individual responsibilities
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What constitutes unacceptable behavior
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The consequences for non- compliance
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Importance of Internal Controls
• Studies have revealed that poor internal controls amounted to almost 60% of all cases of fraud.
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Homer Law, Chtd. 2006
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