fraud
Illegal, dishonest, or improper activity. Fraud appears in many guises, including (i) the manipulation of accounting data (or *cooking the books), (ii) the theft of *assets, and (iii) the sale to Competitors of confidential or sensitive information about an organization. Fraud can be committed by an individual working alone, in contrast to Collusion, which requires the cooperation of two or more individuals. Fraud involving deceit by an organization’s *directors or senior *management can be difficult to detect, yet it can have potentially disastrous consequences. The difference between fraud and *error originates in the intentions behind the actions. Fraud has always been of concern to auditors, particularly during the development of modern auditing in the nineteenth and twentieth centuries. In 1843 the accounting writer B. F. Foster remarked that "no system of accounts is secure from the designs of the fraudulent" (quoted in Chambers, R. J., 1995, 72). The legacy of the importance of fraud in external auditing is evident in the *expectations gap - the continuing discrepancy between public and professional opinion on the extent to which external auditors are responsible for fraud detection. Further reading: Apostolou et al. (2001); Genaldi (2002); Graham and Bedard (2003); Hillison et al. (1999); Makkhawi and Schick (2003); Shelton et al. (2001); Vanasco (1998)

Auditor's dictionary. 2014.

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  • fraud — n [Latin fraud fraus] 1 a: any act, expression, omission, or concealment calculated to deceive another to his or her disadvantage; specif: a misrepresentation or concealment with reference to some fact material to a transaction that is made with… …   Law dictionary

  • Fraud — • In the common acceptation of the word, an act or course of deception deliberately practised with the view of gaining a wrong and unfair advantage Catholic Encyclopedia. Kevin Knight. 2006. Fraud     Fraud …   Catholic encyclopedia

  • fraud — [frɔːd ǁ frɒːd] noun [countable, uncountable] LAW a method of illegally getting money from a person or organization, often using clever and complicated methods: • Should audits be expected to detect every fraud? • He had a criminal conviction for …   Financial and business terms

  • FRAUD — FRAUD, the prohibition against wronging another in selling or buying property (Lev. 25:14) is one of civil (see Ona ah ) rather than criminal law – although, since it is a negative injunction, its violation by any overt act may result in the… …   Encyclopedia of Judaism

  • Fraud — (fr[add]d), n. [F. fraude, L. fraus, fraudis; prob. akin to Skr. dh[=u]rv to injure, dhv[.r] to cause to fall, and E. dull.] 1. Deception deliberately practiced with a view to gaining an unlawful or unfair advantage; artifice by which the right… …   The Collaborative International Dictionary of English

  • fraud — [fro:d US fro:d] n [Date: 1300 1400; : Old French; Origin: fraude, from Latin fraus deceiving ] 1.) [U and C] the crime of deceiving people in order to gain something such as money or goods tax/insurance/credit card etc fraud ▪ He s been charged… …   Dictionary of contemporary English

  • fraud — [ frɔd ] noun ** 1. ) count or uncount the crime of obtaining money from someone by tricking them: Police are investigating a complex fraud involving several bogus contractors. tax/insurance/benefit fraud a ) only before noun relating to fraud:… …   Usage of the words and phrases in modern English

  • Fraud — hat verschiedene Bedeutungen: Fraud griech. Apate oder auch Fraus ist die Göttin der Falschheit aus griech./ röm. Mythologie. Ist das weibliche Pendant von Dolos (/röm. Dolus). Fraud ist ein vom englischen fraud übernommener, in der Fachsprache… …   Deutsch Wikipedia

  • fraud — criminal deception, early 14c., from O.Fr. fraude deception, fraud (13c.), from L. fraudem (nom. fraus) deceit, injury. The noun meaning impostor, humbug is attested from 1850. Pious fraud deception practiced for the sake of what is deemed a good …   Etymology dictionary

  • fraud —    Fraud is an abstract concept, to do with criminal deception, but ‘you old fraud’, applied to a person, is a fairly mild way of saying that he is putting on an act of some kind. Use of the expression sometimes implies that the person concerned… …   A dictionary of epithets and terms of address

  • fraud — [n1] trickery, deception artifice, bamboozlement*, blackmail, cheat, chicane, chicanery, con, craft*, deceit, double dealing*, dupery, duping, duplicity, extortion, fake, fast one*, fast shuffle*, flimflam*, fourberie, fraudulence, graft, guile,… …   New thesaurus

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