Management Awareness
What are the benefits of a comprehensive control program? If you were advising this corporation, what would be the specific benefits for them?
The benefits of a comprehensive internal control program include: the ability to monitor for unusual activities and it will increase vigilance. This will help to prevent fraud by providing actuaries with an actual way of discovering when these events are occurring through early detection. It is at this point that the negative impact on the firm and various stakeholders can be minimized. (Silverstone, 2011, pp. 14 -- 16)
Once this has been consistently implemented, is when it will have an impact on the entire organization by creating an atmosphere that is looking for these issues. When different staff members are actively involved in the process, this will make it difficult to be able to conduct any kind of fraudulent activities. In the future, this will prevent these situations from happening by encouraging everyone to report their findings immediately. As a result, this kind of thinking will help to create way of monitoring and enforcing various anti-fraud provisions. (Silverstone, 2011, pp. 14 -- 16)
In the case of the corporation that is being advised, these procedures will increase accountability and prevent the misuse of company funds. This is because monitoring for unusual activities will help actuaries to determine where this is happening. Once this takes place, is when executives can quietly deal with these challenges while they are small. This will prevent any kind frauds from occurring and it will establish procedures for greater oversight. In the future, this will give investors' confidence in the numbers and figures that are provided by the firm. This will help to improve the corporation's credit rating and image among various stakeholders. (Silverstone, 2011, pp. 14 -- 16)
What would be the procedures that should be considered for detective controls, including...
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