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Define fraud and internal control

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Fraud refers to any deliberate deception or misrepresentation made for personal gain, often achieved through dishonest or illegal means such as forgery, bribery, or theft. Internal control, on the other hand, refers to a set of policies, procedures, and practices implemented by an organization to safeguard its assets, ensure the accuracy and reliability of financial reporting, and minimize the risk of fraud, errors, and other types of wrongdoing. Internal control aims to promote accountability, transparency, and compliance with laws and regulations, while also enhancing operational efficiency and effectiveness.
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