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CHAPTER 5, Fraud - Any and all means a person uses to gain an unfair…
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● Uses trickery, cunning, or false or misleading information to commit fraud.
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● Gets greedy and takes ever-larger amounts of money at intervals that are more frequent, exposing the perpetrator to greater scrutiny and increasing the chances the
fraud is discovered.
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Intentional or reckless conduct, whether by act or omission, that results in materially misleading financial statements.
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● Identify, assess, and respond to risks.
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Lapping - Concealing the theft of cash by means of a series of delays in posting collections to accounts receivable.
Check kiting - Creating cash using the lag between the time a check is deposited and the time it clears the bank.
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The condition or situation that allows a person or organization to commit and conceal a dishonest act and convert it to personal gain.
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● People who break into corporate databases can steal, destroy, or alter massive amounts of
data in very little time, often leaving little evidence
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● Some organizations grant employees, customers, and suppliers access to their system.
● Computer programs need to be modified illegally only once for them to operate improperly for as long as they are in use.
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● Computer systems face a number of unique challenges: reliability, equipment failure, dependency on power, damage from water or fire, vulnerability to electromagnetic interference and interruption, and eavesdropping.