Question

In: Accounting

Rank the four elements of fraud from most important to least important. Support your answer with...

  • Rank the four elements of fraud from most important to least important. Support your answer with a rationale on why you believe your ranking order is appropriate.
  • Differentiate between fraud and abuse, and decide which is likely to occur in a major corporation.

Solutions

Expert Solution

The four elements of fraud ranking in the order from the most important to least important (in my opinion) is stated below along with the rationale behind it.

  1. Intentional misrepresentation — Stating a false fact on purpose which has a significant impact.
  2. Knowledge of misrepresentation — The knowledge that the stated fact is false by the person committing fraud.
  3. Reliance on the false facts — Relying on the above false fact when required.
  4. Damage as a result — Type of damage can include financial or personal damage inflicted on a person as a result of this fraud.

Rationale behind the above order is the chronological order of events and the level of intent involved.

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The main factor of difference between Fraud and Abuse is the intent and knowledge. Fraud is intentional misrepresentation for gaining personal (financial) benefits. Whereas, abuse is practices often carried out unknowingly due to bad business procedures resulting in extra costs.

In a major corporation, fraud is more likely to take place (mostly in senior management) as there is little checking mechanism in place.

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