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1、Albrecht:FraudExamination,5eChapter1THENATUREOFFRAUDDiscussionQuestions1.Fraudalwaysinvolvesdeception,confidence,andtrickery.Thefollowingisoneofthemostcommondefinitionsoffraud:a.“Fraudisagenericterm,andembracesallthemultifariousmeanswhichhumaningenuitycandevi
2、se,whichareresortedtobyoneindividual,togetanadvantageoveranotherbyfalserepresentations.Nodefiniteandinvariablerulecanbelaiddownasageneralpropositionindefiningfraud,asitincludessurprise,trickery,cunningandunfairwaysbywhichanotherischeated.Theonlyboundariesdefi
3、ningitarethosewhichlimithumanknavery.”Fraudisdeceptionthatincludesthefollowingelements:1.Arepresentation2.Aboutamaterialpoint3.Thatisfalse,4.Intentionallyorrecklesslyso,5.Whichisbelieved6.Andacteduponbythevictim7.Tothevictim’sdamage.2.Fraudaffectsindividuals,
4、consumers,andorganizationsinvariousways.Fraudusuallylowersorganizations’netincomedollarfordollar.Torecoverthesecosts,consumersandindividualsmustpaymoreforgoodsandservices.Forexample,healthcarefraudandinsurancefraudincreasepremiumsthatindividualsmustpay.Thecos
5、toffraudeventuallyreacheseverypartoftheeconomy,includingindividuals,consumers,andorganizations.The2008studybyTheAssociationofCertifiedFraudExaminersestimatesthatU.S.organizationsloseroughly7percentoftheirannualrevenuestofraud.AppliedtotheU.S.grossdomesticprod
6、uct(GDP),this7percentfiguretranslatestoapproximately$994billioninfraudlosses.3.a.EmployeeEmbezzlement:Inthistypeoffraud,employeesdeceivetheiremployersbytakingcompanyassets.Embezzlementcanbeeitherdirectorindirect.15Chapter1Albrecht:FraudExamination,5ea.Managem
7、entFraud:Distinguishedfromothertypesoffraudbothbythenatureoftheperpetratorsandbythemethodofdeception.Initsmostcommonform,managementfraudisdeceptionperpetratedbytopmanagement’smanipulationoffinancialstatements.Thevictimsofmanagementfraudaretypicallystockholder
8、s,lenders,andotherswhorelyonfinancialstatementinformation.b.InvestmentScamsorConsumerScams:Atypeoffraudthatisperpetratedwhenfraudulentandusuallyworthlessinvestmentsaresoldtounsuspectingin
