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AICPA Definition of Fraud “An intentional act that results in material misstatement in financial statements that are subject to audit…There are two types of fraud: • Misstatements from fraudulent financial reporting & • Misstatements from misappropriation of assets”
Principal Categories of White Collar Crime • Misrepresentation of material facts • Concealment of material facts • Bribery • Conflicts of interest • Theft of money or property • Theft of trade secrets or intellectual property • Breach of fiduciary duty • Statutory offenses
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