Types of Buisness Fraud

Question 1

Business Fraud

Answer 1

Corporate fraud refers to illegal activities undertaken by an individual or company that are done in a dishonest or unethical manner.

Question 2

Corruption

Answer 2

This includes bribery, extortion, illegal gratuities, sales and purchasing schemes, etc.

Question 3

Asset Misappropriation

Answer 3

This includes employee theft, payroll fraud, billing schemes, improper use of company resources, etc.

Question 4

Fraudulent Financial Statements/ Accounting Fraud

Answer 4

the intentional manipulation of financial records or statements to create a false appearance of a company’s financial health