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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.

Thefts of cash
Asset Misappropriation Local Governments

Thefts of Cash From Local Governments

Thefts of cash from local governments is common. How many times have you seen a local newspaper article like…

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Segregation of Duties
Auditing Fraud

Segregation of Duties: How to Overcome

Segregation of duties is key to reducing fraud. But smaller entities may not be able to do so. Today,…

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 million stolen from bakery
Asset Misappropriation

Collin Street Bakery Fraud: $16 Million

Sandy Jenkins, a controller, stole $16 million from the Collin Street Bakery. You read that right. A bakery. Today…

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Related party transaction
Auditing Financial Statement Fraud Fraud

Related Party Transactions: Fraud

Related party transactions can be a means to fraudulent financial reporting. Yet, auditors often don’t detect the financial statement…

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Fraud prevention
Fraud

Providing Fraud Prevention Services to Compilation Clients

This post discusses CPAs providing fraud prevention services to compilation clients. If you haven’t done so in the past,…

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fictitious vendor fraud
Asset Misappropriation Fraud Local Governments

Fictitious Vendor Fraud: How to Prevent It

Twenty-four percent of governmental frauds are billing schemes such as fictitious vendor theft, so says the Association of Certified…

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Expense fraud
Asset Misappropriation

Expense Fraud: An Honest Theft

Honest people steal. Nice, innocent looking people take money that’s not theirs. How? One way is expense fraud. The…

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auditing for fraud
Auditing Fraud

Auditing for Fraud: The Why and How

Auditing for fraud is important, but some auditors ignore this duty. Even so, fraud risk is often present.  So…

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Rita Crundwell
Asset Misappropriation

How a Simple Fraud Scheme Sinks a City: Rita Crundwell

Is it possible for one person to steal over $53 million from a city with an annual budget of…

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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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