Practice Quiz

Forensic Accounting

Category - Specialized Forensic Knowledge

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What is fraud detection?
  1. To prevent fraud at the earliest
  2. To mitigate fraud risk
  3. To recognize, in a prompt manner, whether fraud has occurred or is likely to occur
  4. To detect any misstatements related to the Statement of Financial Position
Explanation
Answer: C - Fraud detection is recognizing whether fraud has occurred or is likely to occur. Fraud detection is controls designed to detect the occurrence or likelihood of fraud.
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