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Legal Elements of Fraud
- •A material false statement
- •Knowledge that the statement was false
- when it was spoken
- •Reliance on the false statement by the
- •Damages resulting from the victim’s
- reliance on the false statement
What is Fraud?
is an intentional deception, whether by omission or co-mission, that causes its victim to suffer an economic loss and/or the perpetrator to realize a gain.
- implemented through fraud schemes
- force,trickery or larceny. Those offenses that employ trickery are frauds.
Fraud: related financial crimes
- •Breach of Fiduciary Duty
Major categories of fraud:
- •Asset Misappropriation
- •Corruption and Abuse
- •Financial Statement Fraud
- •Other Fraudulent Statements
What is financial forensics?
- Financial forensics is the application of financial principles and theories to facts or hypotheses at issue in a legal dispute and consists of two primary functions:
- Litigation Advisory Services
- Investigative services
The Financial Forensic Professional’s Skill Set
- –Technical competency
- –Investigative proficiency
- –Thinking critically
Financial statement auditing acts to ensure that financial statements are free from material misstatement.