Who commits Fraud?

There is no universal definition of fraud in law and definitions and scope what constitutes fraud vary from one jurisdiction to another. There are three main categories of fraud that affect organizations:

  • Asset misappropriation, which involves the theft or misuse of an organisation’s assets. 
  • Fraudulent statements usually in the form of falsification of financial statements in order to obtain improper benefit. 
  • Corruption such as the use of bribes or acceptance of kickbacks, improper use of confidential information, conflicts of interest and collusive tendering. 

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