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Corporate Fraud and Internal Control Workbook: A Framework for Prevention by Richard E. Cascarino

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Chapter One

Nature of Fraud

ANSWERS: FILL IN THE BLANKS

1. legal
2. untrue, material, intentionally
3. may or may not
4. could, harm, prejudice
5. actual
6. assets, cash theft, noncash assets
7. theft by false pretenses
8. material fact
9. preventive
10. business activity, economic injury
11. the general public
12. fraud risk assessment
13. poorly trained, inattentive
14. pressure, medical expenses, expensive tastes
15. secrecy
16. Rationalization, internal belief system
17. capability, undetectable
18. poor management oversight, preventative controls
19. anomalies, behavior traits
20. early warning, pressure sources
21. obtain value, conceal their actions
22. individual, organization
23. targeted measurement
24. 5
25. tips
26. “denied”
27. losses of assets
28. investigation
29. detected early
30. culture of ethics, integrity
31. access to decision makers
32. “statistically valid estimate”

SOLUTIONS: SHORT-ANSWER QUESTIONS

1. The three elements of the fraud triangle are pressure, opportunity, and rationalization.
2. Management may have suspected the previous bookkeeper because the previous bookkeeper, despite having several years of apparently loyal service, may have become disgruntled with the organization because of the apparent bias of his supervisor regarding promotion and ...

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