FRAUD EXAMINATION ALBRECHT ALBRECHT THE NATURE OF FRAUD

FRAUD EXAMINATION ALBRECHT, & ALBRECHT THE NATURE OF FRAUD CHAPTER 1

Learning Objectives 1. Understand the seriousness of the fraud problem and how it affects individuals, consumers and organizations 2. Define fraud 3. Classify fraud into various types 4. Understand how expensive fraud is to a company, investors, and a nation

Learning Objectives 5. Distinguish between criminal and civil fraud laws and how they relate to fraud. 6. Be familiar with types of fraudfighting careers today.

Describe the Seriousness of Fraud.

List Four Sources for Knowing How Much Fraud is Occurring.

What are the Estimated Costs and Impacts of Fraud?

Explain How $1 in Fraud Represents $1 Lost Profits.

What are the Seven Elements of Fraud?

What are the Seven Elements of Fraud?

Define Fraud: What it is and What it isn’t

Why Are We so Often Conned?

Classify Frauds and Give an Example of Each.

List Keys to Occupational Fraud and Define.

Complete this Chart. Type of Fraud Victim Perpetrator Explanation

Differentiate between Direct and Indirect Embezzlement.

What Are the Two Types of Vendor Fraud? Discuss.

Explain Customer Fraud.

Match Terms to Definitions. Employee Embezzlement Association of Certified Fraud Examiners Management fraud Employees taking employer’s assets Investment scams Overcharge for goods, or ship inferior goods Vendor fraud Selling worthless investments to unsuspecting investors Customer fraud Manipulation of financial statements by management ACFE Getting something for nothing, not paying for goods & services

Differentiate between Criminal and Civil Responses to Fraud. Criminal Case Purpose Consequences Burden of Proof Jury Organization Verdict Claims Civil Case

What Skills Are Needed to be a Fraud Fighter?

Some Additional Skills that May Prove Helpful

Employment Opportunities Employer Government CPA Firms, Forensic accounting firms, Law firms Corporations Organizations involved in civil cases Universities, hospitals, etc. Types of Work