Construct a diagram of the Fraud Triangle and clearly label each component of the Fraud Triangle. For each of these three components, provide the following:

An explanation (two to three paragraphs) of each of the three components, specifically addressing how it could contribute to fraud.

For each component of the Fraud Triangle, provide the following:

List and briefly discuss internal controls for each of the three components that could help to reduce the impact of potential frauds related to that component of the Fraud Triangle.

Note: This means that you will have a total of 24 internal controls documented. A few of the internal controls might be common to each component but please tailor them to the component you are referring to and do not copy and paste the same eight internal controls for each component.