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When does a conflict of interest occur for an employee?
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6. Internal Controls and Reporting Cash
Fraud and the Fraud Triangle
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Which of the following best describes the three elements of the fraud triangle that commonly lead to financial failure in firms?
A
Planning, Organizing, Controlling
B
Pressure, Opportunity, Rationalization
C
Assets, Liabilities, Equity
D
Liquidity, Profitability, Solvency
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Understand the concept of the fraud triangle, which is a framework used to explain the factors that lead individuals to commit fraud in organizations.
The three elements of the fraud triangle are: Pressure, Opportunity, and Rationalization. These elements are critical in understanding how fraud occurs.
Pressure refers to the financial or personal stress that motivates an individual to commit fraud, such as debt or financial hardship.
Opportunity is the ability to commit fraud due to weak internal controls or lack of oversight within the organization.
Rationalization is the justification or reasoning an individual uses to convince themselves that committing fraud is acceptable or necessary.
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