It is an act of deliberate deception with the intention of gaining some benefits or simply deprivation by deceit.
It is a key area of risk management because it raises financial, compliance and reputational risk.
Fraud generally falls into:
- Category of removal of funds or assets from an organization.
- Category of intentional misinterpretation of the financial position of the business in order to mislead shareholders, tax authority and regulatory authority.
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