Should internal controls prevent financial statement fraud?

Should internal controls prevent financial statement fraud? Explain.

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...the story with Bank of America as reported recently. Is it fraud? It depends upon the extent and the impact and someone's opinion.

2. A company's financial statements fail to report that EPA has demanded a serious cleanup of property owned by the company. It will cost a great deal of money and it will lower the value of the property. Is that fraud? Over valuing assets and underreporting liabilities could be a case for fraud.

3. Not easily applicable to ...