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Need help with my writing homework on Occupational Fraud: Policies and Procedures to Combat It. Write a 8500 word paper answering;

Need help with my writing homework on Occupational Fraud: Policies and Procedures to Combat It. Write a 8500 word paper answering; In 2008, the Association of Certified Fraud Examiners’, or ACFE’s ‘Report to the Nation,’ has estimated that an average of 7 percent of the revenue generated by a company is due to instances of fraud. This means that if calculated from the Gross Domestic Product of the United States, this instantly leads to financial losses that may amount up to an estimate of $ 994 billion. It has been reported that the increase in thefts within an organization by its own members or employees has been largely due to the economic crisis and the desperation of needing or wanting money that is not legally owned (Kranacher 80). The 2008 Report to the Nation on Occupational Fraud & Abuse by ACFE has not only proven to be a significant contribution to the research of Occupational Fraud and Abuse but has also proven to be an effective report in ensuring that organizations are aware of the serious threat of occupational fraud.

At this point, it is important to first define the meaning of occupational fraud and its implications. According to Wells, occupational fraud is an action that has been intended and can never be deemed as accidental. In fact, when a perpetrator attempts to commit the act, there are four elements that must exist before the act can be identified as a fraud. First and foremost, the material false statement should be present. Simply put, this refers to sufficient and important information regarding a transaction. The second element is the knowledge of the falsity of the statement, wherein one party has been able to get hold of or actually possesses enough knowledge about the transaction. The third element involves the reliance on the false statement by the victim, who the first party described realizes. Finally, the fourth element refers to the damages that are the result of such fraud. It must also be noted that there are three components that occupational fraud is made up of. These are the misappropriation of assets, financial statement fraud, and corruption (Wells, ‘Accountancy Age,’ par. 8). In the following chapter, the researcher shall discuss these three components in detail.&nbsp.

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