Final answer:
To prevent fraud sustainably, establishing an ethical corporate culture is essential as it empowers employees to behave and report ethically, complementing control systems and dedicated reporting mechanisms.
Step-by-step explanation:
The best way to enact a broad fraud prevention program is multifaceted, involving different mechanisms such as systems of checks and supervision, dedicated communication channels for reporting unethical behaviour, and most significantly, fostering an ethical corporate culture.
While having dedicated hotline telephones and naming an ethics officer are important, they alone do not constitute a comprehensive fraud prevention strategy. Installing airtight control systems is an effective measure, but it may not address all potential fraud scenarios.
Crucially, establishing a corporate culture conducive to ethical behavior in the workplace stands out among the options provided. This approach aligns with the insights from various historical acts and reforms that emphasise the importance of internal awareness and responsibility.
A culture that values ethical behaviour can help in recognising and reporting misconduct, thereby reinforcing the other measures like control systems and dedicated reporting officers.
An ethical culture serves as the foundation for sustainable fraud prevention, echoing principles from the Whistle blower Protection Acts that encourage insiders to report mismanagement without fear of retaliation.
Additionally, regulations like the Sarbanes-Oxley Act highlight the significance of transparency and corporate responsibility to prevent accounting fraud.
Therefore, the mention of the correct option in the final answer for enacting a broad fraud prevention program within a company would be to establish a corporate culture conducive to ethical behaviour in the workplace.