Types of Fraud

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Overview: This short paper will allow you to discuss the Module Two topics in more detail—namely, the types of fraud and detection methods. In your paper, discuss the three types of occupational frauds as defined by the ACFE (http://www.acfe.com/fraud-tree.aspx), fraud detection methods, as well as the relation of the elements of the fraud triangle with the occurrence of fraud.

Specifically, the following critical elements must be addressed:

I. Types of Fraud

A. Type I: Describe one of the three types of fraud, and identify the kinds of fraudulent acts that would fall under this type of fraud.

B. Type II: Describe the second of the three types of fraud, and identify the kinds of fraudulent acts that would fall under this type of fraud.

C. Type III: Describe the third of the three types of fraud, and identify the kinds of fraudulent acts that would fall under this type of fraud.

II. Fraud Detection Methods: Describe the various fraud detection methods used by auditors and forensic accountants to uncover fraudulent activity.

III. Fraud Triangle: Explain what the fraud triangle is. Describe how the various elements of the fraud triangle play a part in the occurrence of fraud. How might a manager with knowledge of the fraud triangle work to reduce the probability of fraud (e.g., stress within the workplace)?

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ACC 691 Module Two Short Paper Guidelines and Rubric Overview: This short paper will allow you to discuss the Module Two topics in more detail—namely, the types of fraud and detection methods. In your paper, discuss the three types of occupational frauds as defined by the ACFE (http://www.acfe.com/fraud-tree.aspx), fraud detection methods, as well as the relation of the elements of the fraud triangle with the occurrence of fraud. Specifically the following critical elements must be addressed: I. Types of Fraud A. Type I: Describe one of the three types of fraud, and identify the kinds of fraudulent acts that would fall under this type of fraud. B. Type II: Describe the second of the three types of fraud, and identify the kinds of fraudulent acts that would fall under this type of fraud. C. Type III: Describe the third of the three types of fraud, and identify the kinds of fraudulent acts that would fall under this type of fraud. II. Fraud Detection Methods: Describe the various fraud detection methods used by auditors and forensic accountants to uncover fraudulent activity. III. Fraud Triangle: Explain what the fraud triangle is. Describe how the various elements of the fraud triangle play a part in the occurrence of fraud. How might a manager with knowledge of the fraud triangle work to reduce the probability of fraud (e.g., stress within the workplace)? Guidelines for Submission: Your paper should be submitted as a 2- to 3-page Microsoft Word document with double spacing, 12-point Times New Roman font, one-inch margins, and at least three sources cited in APA format. Critical Elements Types of Fraud: Type I Types of Fraud: Type II Types of Fraud: Type III Exemplary (100%) Meets “Proficient” criteria and provides a thorough description with specific and relevant details from the text or other relevant sources Meets “Proficient” criteria and provides a thorough description with specific and relevant details from the text or other relevant sources Meets “Proficient” criteria and provides a thorough description with specific and relevant details from the text or other relevant sources Proficient (90%) Describes first of the three types of fraud in detail Needs Improvement (70%) Describes first of three types of fraud but description lacks detail Not Evident (0%) Does not describe the first of three types of fraud Value 10 Describes the second of three types of fraud in detail Describes the second of three types of fraud but description lacks detail Does not describe the second of three types of fraud 10 Describes the third of three types of fraud in detail Describes the third of three types of fraud but description lacks detail Does not describe the third of three types of fraud 10 Fraud Detection Methods Fraud Triangle Articulation of Response Meets “Proficient” criteria and provides a thorough description with specific and relevant details from the text or other relevant sources Meets “Proficient” criteria and provides thorough descriptions and examples Describes fraud detection methods used by auditors and forensic accountants to uncover fraudulent activity Describes fraud detection methods but description lacks detail Does not describe fraud detection methods 30 Describes how the various elements of the fraud triangle play a part in the occurrence of fraud Does not describe how the various elements of the fraud triangle play a part in the occurrence of fraud 30 Submission is free of errors related to citations, grammar, spelling, syntax, and organization and is presented in a professional and easy-toread format Submission has no major errors related to citations, grammar, spelling, syntax, or organization Describes how the various elements of the fraud triangle play a part in the occurrence of fraud but description lacks detail Submission has major errors related to citations, grammar, spelling, syntax, or organization that negatively impact readability and articulation of main ideas Submission has critical errors related to citations, grammar, spelling, syntax, or organization that prevent understanding of ideas 10 Total 100%
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Explanation & Answer

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Running Head: TYPES OF FRAUDS

1

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Running Head: TYPES OF FRAUDS

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Fraud can be defined as the intentional deception intended to secure unlawful gain.
Corruption, asset misappropriation, and financial statement fraud were classified by the largest
anti-fraud organization in the world and premier provider of training education regarding fraud
(ACFE) as an occupational fraud (Ewing & Sillers, 2010).
Corruption is a criminal activity that is usually taken by an individual or an organization
that is entrusted with the sole power to manage it to gain illicit benefit. According to ACFE, the
following activities fall under this occupational fraud. Conflict of interests in both the purchasing
schemes and sales schemes, bribery both in the area of bid-rigging and kickbacks of invoices,
illegal gratitude even without contract completion, and economic extortions (Daigle, Hayes &
Morris, 2014).
Asset misappropriation is the second ACFE occupation fraud. I...

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