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Fraud

Fraud occurs in three ways: asset misappropriation, corruption, and financial statement manipulation.

Asset misappropriation is the most common way that fraud occurs. Another term for this is theft. Employees steal assets such as cash or inventory. Or they might inflate their expense reports. There are hundreds of ways that people steal from companies.

Corruption mainly occurs in the form of bribery, also called kickbacks. Usually outside parties such as vendors pay bribes to those inside a company with the power to purchase. The cost of the bribe is often recouped by inflating invoices sent to the company.

Financial statement fraud occurs when company employees intentionally alter financial statements for their own personal gain. They do so usually to receive bonuses that are tied to company profits. Or they might juice up profits to increase stock prices; then they profit by selling personally owned stock.

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Charles Hall

Charles Hall

I am a practicing CPA. I have primarily audited governments, nonprofits, and small businesses for the last forty years.

My sweet spot is governmental and nonprofit fraud prevention. I am the author of (1) Journal Entries Made Easy,  (2) The Little Book of Local Government Fraud Prevention, (3) Preparation of Financial Statements & Compilation Engagements, (4) The Why and How of Auditing, and (5) Audit Risk Assessment Made Easy. I frequently speak at continuing education events.

I consult with CPA firms, assisting them with auditing and accounting issues. Contact Charles

More About Me
  • Books
  • Media
  • Topics
Book: Journal Entries Made Easy, an Introduction to Accounting
Book: The Little Book of Local Government Fraud Prevention
Book: Preparation of Financial Statements & Compilation Engagements
Book: Audit Risk Assessment Made Easy: Seeing What Others Miss
Book: The Why And How Of Auditing: Auditing Made Easy
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