Fraud 101 Techniques and Strategies for Understanding Fraud
By Stephen Pedneault
What is fraud? There are many scenarios which represent undetected fraud within organizations. The author provides, as the title suggests, strategies for preventing, detecting and investigating fraud. The beginning chapters cover material which most auditors should be familiar with including why fraud is committed. I am reminded of the retort that Willie Sutton gave the F.B.I. when asked why he robbed banks - because that's where the money is. Individuals commit fraud based on specific motivations but the bottom line is financially motivated. Steven then goes on to discuss and detailing the various fraud schemes. The closing chapters cover the fraud investigation process. Auditors will appreciate the author's coverage of the subject. The book is an excellent educational tool that auditor can use for clients, senior management and the audit committee.
JMK 2010