Many managers or auditors implement controls to prevent and detect fraud based on a "one-size fits all" checklist. Many times, the checklist items are not appropriate to businesses, or are out of date. This course provides a description of classic and emerging controls that are effective in reducing the risk of fraud in a variety of transaction processing systems. They could be manual, a hybrid manual/IT, or even entirely electronic (such as those proposed for some cloud computing applications). The five components of internal control are addressed as to how, even in smaller entities, controls can contribute to reducing the risk of fraud - including financial statement fraud. Also, a new model to help managers, accountants, and auditors to prevent and detect fraud is presented. This model is designed to encourage those responsible for fraud detection and prevention systems to consider certain fraud related variables in addition to those contained in the traditional fraud triangle (pressure, opportunity, rationalization).