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Fraud in Auditing

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What is meant by the formula: Fraud = f (incentive/pressure, opportunity, attitude/rationalization)?

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Solution Summary

Fraud encompasses an array of irregularities and illegal acts characterized by intentional deception.

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Fraud encompasses an array of irregularities and illegal acts characterized by intentional deception. The elements of fraud are:

A representation about a material fact
Which is false
And made intentionally, knowingly, or recklessly so
Which is believed
And acted upon by the victim
To the victim's damage
...

Solution provided by:
Sheetal Jain, PGDM
Education
  • BComm, University of Delhi
  • Post Graduate Diploma in Management (Equivalent to MBA), All India Management Association
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