How does “fraud examination”differ from “forensic accounting”?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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How does “fraud examination”differ from “forensic accounting”?
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Fraud - This is an Intentional act committed to gain something illegal by omission or commission and which is loss to the organization .
Fraud Examination - Its is act of finding out whether the fraud is really committed based on the information received. Once its Confirmed that Fraud is committed then the evidence is gathered and also measures to prevention for occurence of it again
Forensic Accounting - This is act of finding out whether a gross misconduct has been Committed. The Report of Forensic Accountant is also vald in the court of law to understand how it was conducted, amount of loss , persons involved and their acts
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