week 5 indiv - Fraud Auditing and IT Auditing Belinda Jones...

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Fraud Auditing and IT Auditing Belinda Jones July 9, 2016 ACC/491 Instructor: Kimberly Jordan University of Phoenix
Fraud Auditing and IT Auditing Fraud is explained as an intentional act or omission designed to deceive others, usually resulting in a loss. The elements of fraud are: a representation about a fact, which is false, and done on purpose, with full knowledge of the act, deceiving others, the fact is believed, the fact is acted on by the victims. The true issue is that fraud does not only harm the company that is the intended victim, but many others. Fraud will harm other employees’ morale, raise company insurance rates if claimed, and in the end result raise the cost of goods. An IT audit is an examination of a company’s information technology system, the infrastructure, evaluating if it is functioning correctly, examining management controls, safeguards, maintaining data integrity, and operating effectiveness. It is hoped and believed that have both financial audits and a good IT auditing program will prevent fraud. Types of Fraud The top ten types of frauds fairly summarize most kinds of frauds. Number one is

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