Detecting fraudulent practices requires vigilance and a robust internal control system. Key methods include:
Regular Audits: Conducting both internal and external audits to identify discrepancies and irregularities. Whistleblower Policies: Encouraging employees to report suspicious activities without fear of retaliation. Data Analytics: Using data analysis tools to identify unusual patterns or anomalies in financial transactions. Segregation of Duties: Ensuring that no single individual has complete control over all aspects of a financial transaction.