Everyone uses the term "fraud" but many have a very unclear or erroneous idea of what fraud is. Two of the cornerstones for the prevention of fraud are employee ethics and internal controls. The American Institute of Certified Public Accountants (AICPA)'s Journal of Accountancy(JOA) periodically publishes articles about fraud to enhance the profession's understanding and awareness of fraud. As we start the course, take a minute to determine "What's your fraud IQ?" on employee ethics and internal controls. Use these links to the JOA article and compare the information:

Employee Ethics http://www.journalofaccountancy.com/issues/2015/apr/fraud-iq-quiz.htmlLinks to an external site.

Internal Controls http://www.journalofaccountancy.com/issues/2014/mar/20139008.htmlLinks to an external site.

How did you do? Was there an answer that surprised you?