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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.

Fraudster’s refuge
Asset Misappropriation

Fake Bank Accounts and the Appalachian Trail

Some fraudsters funnel money into fake bank accounts. Today, I show you how one controller did so and walked…

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management override of internal controls
Auditing Fraud Risk Assessment

See How Management Override of Controls is Dangerous

Management can override internal controls, resulting in fraudulent financial reporting. Below I provide examples of management override of internal…

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receipt fraud test for auditors
Asset Misappropriation

Three Receipt Fraud Tests

Today I provide three receipt-fraud tests for auditors.  The audit standards require that we introduce elements of unpredictability. Additionally,…

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Ways Fraud Happens
Fraud

25 Ways Fraud Happens: Audit Brainstorming

As auditors perform their fraud brainstorming, it helps to have ideas to consider. So today I provide you with…

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How to prevent payroll fraud
Fraud

How to Prevent Payroll Fraud

Do you know how to prevent payroll fraud? Today we take a look at how you can protect your…

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Fraud Prevention for Small Governments
Fraud Local Governments

Fraud Prevention for Small Governments

Many small governments suffer losses from theft since they lack a sufficient number of employees to segregate accounting duties….

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Statement on Standards for Forensic Services No. 1
Fraud

Statement on Standards for Forensic Services

The AICPA has issued an exposure draft titled Statement of Standards for Forensic Services No. 1 (SSFS 1), Forensic…

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Steal Like a Boss
Fraud

Steal Like a Boss (and Feel Good About It)

Can you steal like a boss? White collar crime takes special skills and thoughts. Do you have what it…

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Key fraud findings
Fraud

2018 ACFE Fraud Report to the Nations

Here are key findings from the 2018 ACFE Fraud Report. The survey is titled the 2018 Report to the…

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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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  • Fraud
    • Asset Misappropriation
    • Corruption
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