Econ 118 HW1

Econ 118 HW1 - Econ 118 Chapter 1 Review Questions 1. Fraud...

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Econ 118 Chapter 1 Review Questions 1. Fraud examination is the process of resolving allegations of fraud from inception to disposition. It involves taking statements, interviewing witness, writing reports, testifying to findings, assisting in detection and prevention of fraud, and financial analysis. 2. The fraud theory approach is a methodology used to investigate allegations of fraud. It involves developing a theory based on a worst-case scenario of what fraud scheme could have occurred, then testing the theory to see if it is correct. 3. The four keys to occupational fraud and abuse is that the activity must be clandestine, violates the employee’s fiduciary duties to the organization, is committed for the purpose of direct or indirect financial benefit to the employee, and costs the employing organization assets, revenues, or reserves. 4. The four key elements to fraud are material, knowledge, reliance, and damages. The items that must be present are a material false statement, knowledge that the
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Econ 118 HW1 - Econ 118 Chapter 1 Review Questions 1. Fraud...

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