The separation of operational responsibility from record keeping is meant to prevent different types of misstatements than the separation of the custody of assets from accounting. Explain the difference in the purposes of these two types of separation of duties. For each of the following, give an example of a physical control the client can use to protect the asset or record: a. Petty cash b. Cash received by retail clerks c. Accounts receivable records d. Raw material inventory e. Perishable tools f. Manufacturing equipment

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Fraud

Fraud in accounting is the planned manipulation of financial documents to make a false appearance of corporate financial health. Moreover, it includes an employee, accountant, or the company itself misleading investors and shareholders.