Reference no: EM132819057

The study of fraud is interesting because it can go undetected and lead to serious problems for the victims, consumers, organizations and society as a whole. This week you will learn about the various types of fraud, criminal and civil prosecution fraud laws, and learn about some of the fraud-fighting careers available to CPA and accountants. You will become familiar with the types of fraud and be able to define them. The goal is to understand the seriousness of fraud and its effect on individuals, consumers, and organizations with the goal of preventing fraud.

• Fraud affects each person in some manner. Each consumer is paying the price for fraud that when it goes undetected in the past. To prevent future fraudulent acts, cautionary costly measures have to be put in place to deter fraud. One of the most overlooked audit controls is to remove the user accounts upon termination of an employee and it is directly relevant to fraud case facts.
• Yes it is a function of IT so communication between the auditor, HR and IT becomes critical when an employee is removed for potential fraud suspicious and in general. IT functions and the separation of data entry function from the application programming function is also critical to the segregation of duties within an IT department and other departments as well.

Problem 1: Discuss one or more of the 7 elements of fraud in this thread?