is an intentional deception, whether by omission or co-mission, that causes its victim to suffer an economic loss and/or the perpetrator to realize a gain.
deception
implemented through fraud schemes
force,trickery or larceny. Those offenses that employ trickery are frauds.
Fraud: related financial crimes
•Larceny
•Conversion
•Embezzlement
•Breach of Fiduciary Duty
Major categories of fraud:
•Asset Misappropriation
•Corruption and Abuse
•Financial Statement Fraud
•Other Fraudulent Statements
What is financial forensics?
Financial forensics is the application of financial principles and theories to facts or hypotheses at issue in a legal dispute and consists of two primary functions:
Litigation Advisory Services
Investigative services
The Financial Forensic Professional’s Skill Set
–Technical competency
–Investigative proficiency
–Thinking critically
Auditing
Financial statement auditing acts to ensure that financial statements are free from material misstatement.