What should firms implement to ensure compliance with anti-fraud measures?

Firms should implement robust internal controls and employee training to ensure compliance with anti-fraud measures because these elements create a foundation for preventing, detecting, and responding to fraudulent activities. Internal controls minimize the risk of fraud by establishing clear procedures, assigning responsibilities, and ensuring that there are checks and balances within the organization. This includes controls such as segregation of duties, proper authorization processes, and regular monitoring of transactions.

Employee training is crucial as it educates staff about potential fraud risks, the importance of compliance, and the specific policies and procedures in place to combat fraud. When employees understand the signs of fraud and how to report suspicious activity, they become effective stakeholders in the organization's fraud prevention efforts.

In contrast, voting systems for management decisions do not directly relate to fraud prevention, traditional marketing techniques focus on promoting products or services rather than securing financial integrity, and while external audits can identify issues, they are reactive rather than preventative, making them insufficient on their own for a comprehensive anti-fraud strategy.