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fraud is an intentional deprivation of resources of an entity by employees , management and third parties.
it can be divided into financial statement fraud and economic fraud.
it is the duty of management to design and implement controls to detect correct and prevent(primary responsibility)
the auditor is to select appropriate procedures to identify material fraud- Topics: 0
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financial statement fraud can be perpetuated by management .eg wrong disclosure or understatement of a class of transaction or account balance
economic misuse of resource eg theft
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