Fraud Examination

Exam Notes

-Who's in charge of internal control -- management (SOX)

-Management has to sign off to show internal control is working

-Everything over 10,000 needs a signature (stamps)

ACFE (association of certified fraud examiners -- results from misconduct of employees, managers, and executives) definition of occupational fraud - "use of one's occupation for personal enrichment through the deliberate misuse or misapplication of the employing org's resources or assets."

Fraud - A generic term that embraces all the multifarious means that human ingenuity can devise, which are resorted to by one individual, to get an advantage over another by false representation. No definite and invariable rule can be laid down as a general proposition in defining fraud, as it includes...