Module 1 Discussion - Assets

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Prompt

Understanding Internal Controls

Understanding Processes and Procedures

Safeguarding Assets

In accounting - it's more than just Debits and Credits - it's also about your business and the safeguarding of your Assets. So how do we do this if we don't know much about accounting? We do it by implementing internal controls, and processes and procedures, but most importantly we enforce and monitor them as well. This holds true in our own worlds.

After viewing the following fraud video from 60 minutes about Barry Minkow; think about what we can do to protect and be watchful of our own Assets?; What type of internal controls could we implement and why? Do you think more industries are susceptible to fraud then others? Why?

This video is 13.05 minutes in length.

Barry Minkow ZZZZ Best CEO Profiled on CBS 60 Minutes