9/15/20
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 frommisappropriation of assets”
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Principal Categories of White Collar Crime
Misrepresentation of material facts Concealment of material facts
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Bribery
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Conflicts of interest
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Theft of money or property
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• Theft of trade secrets or intellectual property • Breach of fiduciary duty • Statutory offenses
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