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<p><a href="http://www.google.com/url?q=http%3A%2F%2Ft.ms00.net%2Fs%2Fc%3Fu.t97w.4.wegf.54tw6&sa=D&sntz=1&usg=AFQjCNFnamFfJbpBE-_hEDayLciOTdExeg">Act</a> or course of deception, an intentional <a href="http://www.google.com/url?q=http%3A%2F%2Ft.ms00.net%2Fs%2Fc%3Fu.t97w.5.100g5.54tw6&sa=D&sntz=1&usg=AFQjCNHuQvz5LnJP54cjQVI4r7a7nSgCHQ">concealment</a>, <a href="http://www.google.com/url?q=http%3A%2F%2Ft.ms00.net%2Fs%2Fc%3Fu.t97w.6.zx4j.54tw6&sa=D&sntz=1&usg=AFQjCNGBnOUS3NWln4PhYh7dXgpb1sBfEA">omission</a>, or perversion of truth, to (1) <a href="http://www.google.com/url?q=http%3A%2F%2Ft.ms00.net%2Fs%2Fc%3Fu.t97w.7.x4hs.54tw6&sa=D&sntz=1&usg=AFQjCNGfvcIzZTG7OHDdheBNrMRJ76I93A">gain</a> unlawful or unfair <a href="http://www.google.com/url?q=http%3A%2F%2Ft.ms00.net%2Fs%2Fc%3Fu.t97w.8.wl48.54tw6&sa=D&sntz=1&usg=AFQjCNFEESj66BBrtjEhxNhl67PBzwinOg">advantage</a>, (2) induce another to part with some valuable item or <a href="http://www.google.com/url?q=http%3A%2F%2Ft.ms00.net%2Fs%2Fc%3Fu.t97w.9.100g6.54tw6&sa=D&sntz=1&usg=AFQjCNE6sRlK5-8SwH9NfXbDFDNnJEz_Lg">surrender</a> a <a href="http://www.google.com/url?q=http%3A%2F%2Ft.ms00.net%2Fs%2Fc%3Fu.t97w.10.wegm.54tw6&sa=D&sntz=1&usg=AFQjCNFsHe2B0cbGdbw5shj3bbXv3EdKSw">legal</a> <a href="http://www.google.com/url?q=http%3A%2F%2Ft.ms00.net%2Fs%2Fc%3Fu.t97w.11.wdm8.54tw6&sa=D&sntz=1&usg=AFQjCNG8fzzT0PbZfTecE80od1UX2q-9UA">right</a>, or (3) inflict <a href="http://www.google.com/url?q=http%3A%2F%2Ft.ms00.net%2Fs%2Fc%3Fu.t97w.12.wtyu.54tw6&sa=D&sntz=1&usg=AFQjCNFmxPwy4CaSEahqao_jUdNj7vkXzw">injury</a> in some manner. <a href="http://www.google.com/url?q=http%3A%2F%2Ft.ms00.net%2Fs%2Fc%3Fu.t97w.13.100g7.54tw6&sa=D&sntz=1&usg=AFQjCNHQVKJIKUvYqL-eKKqEfwuaN3oHMw">Willful</a> fraud is a <a href="http://www.google.com/url?q=http%3A%2F%2Ft.ms00.net%2Fs%2Fc%3Fu.t97w.14.100g8.54tw6&sa=D&sntz=1&usg=AFQjCNGPmTFREFKTexP7BUhTZUoSb0mt2g">criminal offense</a> which calls for <a href="http://www.google.com/url?q=http%3A%2F%2Ft.ms00.net%2Fs%2Fc%3Fu.t97w.15.100g9.54tw6&sa=D&sntz=1&usg=AFQjCNE3MPopnpS2oql-BZ80uYnenAykCQ">severe</a> <a href="http://www.google.com/url?q=http%3A%2F%2Ft.ms00.net%2Fs%2Fc%3Fu.t97w.16.yed5.54tw6&sa=D&sntz=1&usg=AFQjCNHmnL2AjnhHLdBpbsHhsdPczwBL5g">penalties</a>, and its <a href="http://www.google.com/url?q=http%3A%2F%2Ft.ms00.net%2Fs%2Fc%3Fu.t97w.17.xd43.54tw6&sa=D&sntz=1&usg=AFQjCNG-GNAb5SK0BLv4xBCVVyCVgzwy1Q">prosecution</a> and <a href="http://www.google.com/url?q=http%3A%2F%2Ft.ms00.net%2Fs%2Fc%3Fu.t97w.18.wvmi.54tw6&sa=D&sntz=1&usg=AFQjCNHE0BcXX6tTAFPS50MvSua3W8enng">punishment</a> (like that of a murder) is not <a href="http://www.google.com/url?q=http%3A%2F%2Ft.ms00.net%2Fs%2Fc%3Fu.t97w.19.wgfs.54tw6&sa=D&sntz=1&usg=AFQjCNG7PFtj1QyoqMnwNDXugrmMU2f1tg">bound</a> by the <a href="http://www.google.com/url?q=http%3A%2F%2Ft.ms00.net%2Fs%2Fc%3Fu.t97w.20.100ga.54tw6&sa=D&sntz=1&usg=AFQjCNFPztNqRu5lJZyhHmiQuuLsjcr3xw">statute of limitations</a>. However incompetence or <a href="http://www.google.com/url?q=http%3A%2F%2Ft.ms00.net%2Fs%2Fc%3Fu.t97w.21.wtyq.54tw6&sa=D&sntz=1&usg=AFQjCNGFkEJARgXYGguTSXXACIHAHYEFpg">negligence</a> in managing a <a href="http://www.google.com/url?q=http%3A%2F%2Ft.ms00.net%2Fs%2Fc%3Fu.t97w.22.wenm.54tw6&sa=D&sntz=1&usg=AFQjCNFJ2SDfMIm-YYs8XGDxsMrtN66BoQ">business</a> or even a reckless <a href="http://www.google.com/url?q=http%3A%2F%2Ft.ms00.net%2Fs%2Fc%3Fu.t97w.23.y7ah.54tw6&sa=D&sntz=1&usg=AFQjCNHOKUatnH5mDbIDe5Qrl7yAWLWlnQ">waste</a> of firm's <a href="http://www.google.com/url?q=http%3A%2F%2Ft.ms00.net%2Fs%2Fc%3Fu.t97w.24.wl3u.54tw6&sa=D&sntz=1&usg=AFQjCNENbtYb7Wq4wEnR3G7_t4UCKqmHNg">assets</a> (by speculating on the stock market, for example) does not normally constitute a fraud. In such <a href="http://www.google.com/url?q=http%3A%2F%2Ft.ms00.net%2Fs%2Fc%3Fu.t97w.25.xluo.54tw6&sa=D&sntz=1&usg=AFQjCNG6vimd5yQeUS43qMVxCoXTZq27ug">cases</a>, the <a href="http://www.google.com/url?q=http%3A%2F%2Ft.ms00.net%2Fs%2Fc%3Fu.t97w.26.ybos.54tw6&sa=D&sntz=1&usg=AFQjCNG5F_zVgxcpZTTrfHEWJ1EVHqJvfA">aggrieved party</a> (<a href="http://www.google.com/url?q=http%3A%2F%2Ft.ms00.net%2Fs%2Fc%3Fu.t97w.27.y8zv.54tw6&sa=D&sntz=1&usg=AFQjCNGJ3yGhPUwb9k6I5pPGOaMZ6H1jyA">creditors</a> or stockholders/shareholders) must prove that at some point they were intentionally deceived on ...</p>
Fraud is defined as " dishonestly obtaining advantage, avoiding an obligation or causing a
loss to another party "
Fraud Prevention
The aim of preventative controls is to reduce opportunity and remove temptation from potential offenders. Prevention techniques include the introduction of policies, procedure and controls, and
activities such as training and fraud awareness to stop fraud from occurring. Some specific prevention
techniques include
Anti Fraud culture
Risk awareness
whistle blowing
sound internal control systems
Fraud Detection
A common misbelief is that external auditors find fraud. This is actually rarely the case-in fact , most frauds are discovered accidentally, or result of information received (whistle blowing)
some methods of discovering frauds are
1. Performing regular checks (stocktacking and cash counts,reconciliation )
2. warning signals or fraud risk indicators for example
Failures in internal control procedures
Lack of information provided to auditors
Unusual behavior by individual staff
Accounting difficulties
3. Whistleblowing
Answer: Fraud encompasses an array of irregularities and illegal acts characterized by intentional deception.
It can be prevented by those factors contributing to fraud:
1.Seggragation of duties.
2.Limit the access to assets.
3.Execute transactions with proper authorizations.
4.Lack and unqualified personnel.
5.Collusuon among employees.
Regards,
Joshi Mathew
CIA #1036906
wrongful or criminal deception intended to result in financial or personal gain.
closely supervision of internal matters of any organization
Good answer Muhammad shamim
it seems all options give are matched on def of fraud
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