Chapter 3, Problem 3SC

6 Discuss deterrence, prevention, and detection in governmental fraud. What do you think is the best aapproach and why?

AC. 1. What kind of big data-based fraud prevention product can be used in fraud monitoring?   2. What kind of big data-based fraud prevention product can be used in fraud risk management?   Please explain with examples

1. Explain why people commit fraud.2. What are the various types of fraud?

Explain the role of the Risk Manager in fraud detection Explain the role of the Risk Manager in fraud detection

1. Identify potential fraud schemes related to long-lived assets. 2. Consider the risks typically associated with tangible long-lived assets and identif the internal controls over these assets that you would expect a client to have in place

Ay   In addition to the fraud triangle, what are a couple other tools used to indicate the potential for fraud. Explain them

Define the following and give 1 actual case as an example for each type of fraid and methods of prevention.a) Counterfeiting Fraudb) Credit Card Fraudc) Embezzlement d) Insider Trading

The fraud triangle asserts that the following three factors must exist for a person to commit fraud. A. Opportunity B. Pressure C. Rationalization. Identify the fraud risk factor (A, B, or C) in each of the following situations.

Select the correct answer(s) for the following multiple-choice questions. Note that there may be more than one correct answer. Which of the following statements is (are) true? a. To prevent detection when an asset is stolen, the perpetrator must inflate liabilities or decrease assets. b. Committing a fraud almost always takes more effort and time than concealing it. c. Perpetrators can hide an asset theft by charging the stolen item to an expense account. d. A lapping scheme is used to commit fraud but not to conceal it. e. An individual can hide the theft of cash using a check-kiting scheme.