1.1 Background to the Study
Wise Geek (2011) defines fraud as a deliberate misrepresentation that causes a form of monetary losses. All of these are usually required for an act to be considered fraud, if someone lied about his name.
United states legal (2011), defines fraud an international misrepresentation of material existing facts made by one person to another with the knowledge of its falsity and for the purpose of inducing the other person to act, and upon which the other person relies with resulting injuries or damages.
Fraud has been in existence from the beginning of creation, and the increase of fraud on daily basis brought about forensic auditing. Forensic auditing is defined as the activity that consist of gathering, verifying, processing, analyzing of and reporting of data in order to obtain facts and /or evidence in the area of legal of financial disputes and or irregularities including fraud and giving preventative advice. IFA (2011).
Fraud is an independent criminal offence, and it is the main phenomenon that gave birth to forensic auditing, especially those related to economic crime. These economic crimes are known to be an unpleasant fact and a disheartening issue in the heart of many organizations, and the control of it, is a concern for any organization that employs employees, accountants or other hired professional that have access to the organization’s income, receipts or funds.
Therefore, we are faced with the inescapable conclusion that forensic auditors are charged with the responsibility of controlling and preventing those fraudulent practices.
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