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Forensic Accounting, Forensic Techniques, and Fraud Detection Copyrighted 2001 D. Larry Crumbley, ... - page 155 / 352

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© D.L. Crumbley

Three Major Phases of Fraud

1.

The Act itself.

2.

The concealment of the fraud (in financial statements).

3.

Conversion of stolen assets to personal use.

One can study any one of these phases.

Examples:

Things being stolen: conduct surveillance and catch perp.

If liabilities being hidden, look at financial statements for concealment.

If perp has unexpected change in financial status, look for source of wealth.

Source: Cindy Durtschi, “The Tallahassee Bean Counters: A Problem-Based Learning Case in Forensic Audit,” Issues in Accounting Education, Vol. 18, No. 2, May 2003, pp. 137-173.

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