Explain why people commit fraud. 2. What are the various types of fraud?
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1. Explain why people commit fraud.
2. What are the various types of fraud?
Step by step
Solved in 2 steps
- What is an example of incentive as one of the three elements causing a person to commit fraud?Refer to Exhibit 2.1 a. What is a Ponzi scheme? b. Describe the key elements of the Bernie Madoff fraud. c. Is this fraud primarily a case of asset misappropriation or fraudulent financial reporting?What is an example of rationalization as one of the three elements causing a person to commit fraud?
- Refer to the Focus on Fraud feature “Moss Adams and the Meridian Mortgage Funds Fraud.” a. Why was Moss Adams sued by the trustee for the bankrupt Meridian Mortgage? b. What would the trustee have to prove in order for the courts to hold Moss Adams liable for damages?Which of the following would a fraudster perceive as a pressure? A. lack of management oversight B. everyone does it C. living beyond ones means D. lack of an internal audit functionWhat are the ways to escape financial fraud? And why is it important to prevent it? Please include references.
