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Introduction to Fraud Examination

Introduction to Fraud Examination. Discipline of Fraud Examination. Resolving allegations of fraud from tips, complaints or accounting clues Forensic accounting vs. fraud examination. Issue Auditing Fraud Examination. Timing. Auditing vs. Fraud Examination. Scope. Objective. Relationship.

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Introduction to Fraud Examination

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  1. Introduction to Fraud Examination

  2. Discipline of Fraud Examination • Resolving allegations of fraud from tips, complaints or accounting clues • Forensic accounting vs. fraud examination

  3. IssueAuditingFraud Examination Timing Auditing vs. Fraud Examination Scope Objective Relationship Methodology Presumption

  4. Fraud Theory Approach • Predication • Fraud examinations must be based on predication • Analyze • Create • Test • Refine and amend

  5. Document Analysis Corroborative Witnesses T Target Co-Conspirators Neutral Third-Party Witnesses Tools Used in Fraud Examination Observation

  6. Defining Occupational Fraud and Abuse • The use of one’s occupation for personal enrichment through the deliberate misuse or misapplication of the employing organization’s resources or assets

  7. Elements of Fraud • material • Knowledge • Reliance • Damages

  8. Occupational Fraud and Abuse Research • Edward Sutherland • Donald Cressey • Cressey’s Hypothesis • Albrecht • Hollinger & Clark

  9. Opportunity Fraud Triangle Pressure Rationalization

  10. So who does this??

  11. 2006 Report to the Nation on Occupational Fraud & Abuse • Nationwide surveys • Measuring the costs of occupational fraud • 6 percent lost to fraud • $800 billion annually in the U.S. • Perpetrators of fraud

  12. Findings • Position: • Managers? Employees? Owners? • Gender: • Are women really more trustworthy?

  13. Findings • Age? • Which age is the most likely to commit fraud?

  14. Findings • Education?? • More ethical or more able? • Collusion? • Alone or with others?

  15. Length of employment? • Are the “old-timers” more trustworthy?

  16. Criminal history? • Would a background check have helped?

  17. Type of company? • Public? Private? Nonprofit? Government? • Big? Small?

  18. Recovery? • Do the victim companies get their $$ back??

  19. Method of detection • Auditors? • Accident? • Internal controls? • Internal auditors? • Police? • Tip?

  20. Fraud Types & Victims • What types of frauds are there? • Who are the typical perpetrators? • Who are the typical victims?

  21. Purpose? Penalty? Burden of Proof? Jury? Organization? Verdict? Claims? Criminal versus Civil Responses to Fraud

  22. Occupational Fraud and Abuse Corruption Asset Misappropriations Fraudulent Statements Conflicts of Interest Cash Financial Bribery Inventory & All Other Assets Nonfinancial Illegal Gratuities Economic Extortion

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