A Study and Analysis of Internal Controls and Internal checks for Prevention of Financial Shenanigans and Frauds

Abhijit Kelkar¹* and Mohammed Hassan^2
1Associate Professor, University of Fujairah, United Arab Emirates
²Director - Finance, University of Fujairah, United Arab Emirates
*Corresponding Author: Abhijit Kelkar, Associate Professor, University of Fujairah, United Arab Emirates.

Published: February 04, 2025

DOI: 10.55162/MCET.08.262

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Abstract  

Delving into the critical realm of corporate governance specifically focusing on the paramount importance of robust internal control mechanisms remains to be the most crucial proactive measure against financial irregularities and fraudulent activities. The research meticulously explores the key elements of effective internal controls ranging from segregation of duties to stringent oversight mechanisms highlighting their collective potency in fortifying an organization's defenses against the insidious threat of financial fraud.

It also attempts to investigate the symbiotic relationship between technology and internal controls shedding light on how advancements such as data analytics and artificial intelligence can be harnessed in it.

Keywords: Internal controls; Financial Shenanigans

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