SOLUTION: BSU Corporate Governance and IT in Fraud Prevention and Detection Discussion Ques

Attached. Please let me know if you have any questions or need revisions.Fraud in BusinessStudent’s NameInstitutional AffiliationCourseProfessor’s NameDateFraud in BusinessWhat type of external resource(s) would you recommend be established as soon as possibleFraud is not totally prevented, but any company must have strategies to prevent or stopfraud activities that people might be involved in either for personal gains. Therefore whencompany managers or entrepreneurs acknowledge and detect that fraud might occur or is alreadyoccurring. They prioritize the copy or shift attention to only those strategies to detect the scamand handle it as early as possible. As soon as a company detects fraud, hiring experiencedexternal auditors will be the primary solution to seeing and managing suspected fraud.Hiring external auditors is recommended for this private company now that all theattention is only to control the fraud that is affecting the company. Auditors are responsible forensuring transparency in managing finances in a company without theft (Halbouni et al., 2016).They obtain a reasonable assurance that all the data on financial statements are genuine to reflectthe actual amounts. External auditors are responsible for ensuring that all the financialinformation is free from misstatements. If there is any, they should not be due to fraud but maybe caused by the error.Advancing technology is another way that can be used to detect fraud. Fraud can besuccessful due to the technology system’s failure; therefore, growing in technology by eitherpurchasing new machines or replacing the old ones with new appliances. That is reliable isanother more straightforward way of detecting and controlling fraud in a company. Marketingbrochures are materials used by a company to help in marketing. They can be used anywherebecause they are flexible and easy to design but are always reliable.Some important information may be included in the marketing brochures that areimportant and necessary for preventing fraud. Information about the assurance on the protectionof whistle-blower whenever there is fraud is essential. The rights of the accused and the tips to beaccepted or rejected should be included in the marketing brochure to control copy, which isdangerous for a private company like Bob’s father.What steps would you start investigating this suspected fraud before interviewing eitherBob or any family member?To investigate fraud, one has to be patient, therefore not taking actions that may haveconsequences. The first step to investig…

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