Pretend you are a manager, investor or other stakeholder that must rely on accounting information produced by others (this could be the most realistic standpoint for many of you). What can be done to protect yourself or your company from fraudulent activities by other managers or employees? How can accounting knowledge play a role in protecting you or the company?
Considering these questions might help guide your thoughts:
How can you identify situations where fraud or abuse is likely to occur?
How can you catch fraud or mistakes after they've happened?
How can you prevent fraud and mistakes from occurring in the first place?
How can you foster an environment in your organization which discourages sloppiness and dishonesty?