What are the major categories of fraud? You should provide examples for each category.

Expert Solution

The main categories of frauds are

asset misappropriation
bribery and corruption, and
financial statement fraud.

1. Asset misappropriation: These types of fraud includes different types of frauds directly relating to missapproriation of assets of an entity.

Examples includes: inventory theft, check forgery, payroll fraud, theft of money, skimming revenues, inventory theft, etc

2. Bribery and corruption: These are activities which leads to contravention of law. These activities are prohibited by the law and are illegal in nature.

Examples: Manipulation of contracts, bribes to influence decision-making, engaging in conflicts of interest, or substitution of inferior goods, shell company schemes

3. Financial statement fraud: This type of fraud centers on the manipulation of financial statements in order to create financial opportunities for an individual or entity which is prejudicial to the stakeholder's at large and the company as well.

Examples: overstating revenues, understating liabilities and expenses, not following full disclosure relating to safety and prospects of the company, etc

ekkarill92 answered 2 years ago

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