What would you tell the committee about why it is important to train managers and employees in fraud detection?- To minimize the losses.
Fraud detection is a set of activity that is used to save the money and property from false pretense It can be applied to various sectors like banking, insurance, etc.
Employees are an important assets that can help in the prevention of the fraud. When they are trained well about fraud detection which will prevent the fraud at a very initial phase.
This can save the company from having loss and also reduce the time and cost required for auditing and finding the fraud.
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