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Forensic Accounting, Forensic Techniques, and Fraud Detection Copyrighted 2001 D. Larry Crumbley, ... - page 37 / 352

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© D.L. Crumbley

Fraud Risk-Assessment Process

1. Organize the assessment – integrate into organization’s existing business cycle or establish a separate cycle.

2. Determine areas to assess – conduct at company wide, business-unit, and significant-account levels.

3. Identify potential schemes and scenarios – typically affecting the industry or locations.

Fraudulent financial reporting.

Misappropriation of assets.

Expenditures and liabilities for an improper purpose (cash kickbacks and corruption).

Organization commits a fraud against employees or third parties.

Tax fraud.

Financial misconduct by senior management.

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