CHAPTER ONE
1.0
INTRODUCTION
1.1 Background to the
Study
Wise Geek (2011) defines fraud as a
deliberate misrepresentation that causes a form of monetary losses. All of
these are usually required for an act to be considered fraud, if someone lied
about his name.
United states legal (2011), defines
fraud an international misrepresentation of material existing facts made by one
person to another with the knowledge of its falsity and for the purpose of
inducing the other person to act, and upon which the other person relies with
resulting injuries or damages.
Fraud has been in existence from the
beginning of creation, and the increase of fraud on daily basis brought about
forensic auditing. Forensic auditing is defined as the activity that consist of
gathering, verifying, processing, analyzing of and reporting of data in order
to obtain facts and /or evidence in the area of legal of financial disputes and
or irregularities including fraud and giving preventative advice. IFA (2011).
Fraud is an independent criminal
offence, and it is the main phenomenon that gave birth to forensic auditing, especially
those related to economic crime. These economic crimes are known to be an
unpleasant fact and a disheartening issue in the heart of many organizations,
and the control of it, is a concern for any organization that employs
employees, accountants or other hired professional that have access to the
organization’s income, receipts or funds.
Therefore, we are faced with the
inescapable conclusion that forensic auditors are charged with the
responsibility of controlling and preventing those fraudulent practices.
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