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FRAUD EXAMINATION ALBRECHT & ALBRECHT. THE NATURE OF FRAUD. CHAPTER 1. Describe the Seriousness of Fraud. What are the estimated costs and impacts of fraud?. Explain how $1.00 in fraud represents $1.00 lost profits. What it is. What it isn’t. Define fraud What it is and what it isn’t.
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FRAUD EXAMINATIONALBRECHT & ALBRECHT THE NATURE OF FRAUD CHAPTER 1
What it is What it isn’t Define fraudWhat it is and what it isn’t.
What are the two types of vendor fraud? Define Collusion
Employee embezzlement Management fraud Investment scams Vendor fraud Customer fraud ACFE Association of Certified Fraud Examiners Employees taking employers assets Overcharge for goods, or ship inferior goods Selling worthless investments to unsuspecting investors Manipulation of financial statements by management Getting something for nothing, not paying for goods & services Match terms to definitions
FRAUD IS A CRIME