Reg Class 3

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MBA degree o 4th Academic performance (GMAT) o 3rd Work Experience (3yrs of experience after you graduate) o 2nd Leadership abilities (promotions) o 1st Commitment to help build the Kingdom Financial Controls o Receipts: Track our money, inventory, receivables… o Helps us operate efficiently o Separation of owners and manager  Keep them from taking stuff  Fraud o Fraudulent financial planning: intentional misstatements or omissions of amounts or disclosures in financial statements to deceive financial statement users. o Misappropriation of assets: The theft of an entity’s assists including embezzling, stealing, or causing… stealing things o The Fraud Triangle  Perceived Pressure  Rationalization  Perceived Opportunity (internal controls take this away) o Management implements controls  Auditors prevent and detect (help)