fraud auditing and IT auditing. 1-Describe the different kinds of fraud andthe Fraud Triangle, an auditor's...

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fraud auditing and IT auditing. 1-Describe the different kindsof fraud andthe Fraud Triangle, an auditor's responsibility toidentify and assess fraud. 2-Describe the specific risks, benefits,and internal controls associated with IT functions.

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1 Fraud Auditing Fraud is defined as the deceptiveness for the purpose of personal or financial gain In the auditing world fraud is defined as the deliberate misstatement of the financial statements In auditing there are two types of fraud This paper will discuss both of the types of fraud in detail Also in this paper we will describe the Fraud Triangle and the auditors responsibility to identify and assess fraud This paper will also cover topics such as the specific risk benefits and internalcontrols associated with IT functions Different Kinds of Frauds are 1 Fraudulent Financial Reporting Usually perpetrated by senior management CEO CFO COO Committed by the organization Benefits the organizationcompany Auditor are highly concerned about this 2 Misappropriation of Assets Usually perpetrated by lower level employees Committed against the organization Benefits the individualemployee Rarely material and less of a concern for an auditor Fraud Trangle See Answer

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