Fraud, Internal Controls, and Cash Management — The Fraud Triangle, SCALP, and Bank Reconciliation Explained | Chapter 4 of Financial Accounting
Fraud, Internal Controls, and Cash Management — The Fraud Triangle, SCALP, and Bank Reconciliation Explained | Chapter 4 of Financial Accounting Chapter 4 of Financial Accounting (12th Edition) by Thomas, Tietz, and Harrison addresses one of the most critical aspects of accounting: the prevention of fraud and the implementation of internal controls. This chapter offers a real-world understanding of how businesses can safeguard assets, manage cash responsibly, and comply with legal standards like the Sarbanes-Oxley Act (SOX). 🎧 Watch the full podcast-style summary above to understand fraud risks, control strategies, and cash management systems. Subscribe to the Last Minute Lecture channel for more chapter-based walkthroughs. 📘 Book Overview This chapter introduces fraud as an intentional act of deception that results in financial or reputational damage. It identifies two main types: Misappropriation of assets — employee theft or misuse of property. Fraudulent f...