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Though the internal control systems help in detecting and preventing fraud

Though the internal control systems help in detecting and preventing fraud, it’s effectiveness depends on the board of directors, management, and other personnel who are part of the business circle. Hopwood, Leiner, and Young (2012) note the internal control process is often more focused on business processes rather than the outcome of the processes. The major components of the internal control processes include information and communication, control environment, risk assessment and management, monitoring, control activities, and assessment and management. Shanmugam, Jaya, Mohd, and Azwadi (2012) note that it is critical that business owners establish strong and efficient internal control systems that can reduce the chance of fraud occurring. The research aims at establishing the internal control model that various SFEs can adopt in eliminating the cases of embezzlement fraud.

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