The fraud detection process involves:
A) Determining the level of crime involved as criminal or civil.
B) Identifying indicators of fraud that suggest a need for further investigation.
C) Identifying the GAAP that have been violated.
D) Assessing a loss value to the fraud.

Question

Quizplus · Accepted Answer

The fraud detection process involves identifying indicators of fraud that suggest a need for further investigation. This includes analyzing transactions, data patterns, and other relevant information to uncover any irregularities or suspicious activity. The other choices, determining the level of crime involved as criminal or civil, identifying GAAP violations, and assessing a loss value to the fraud, are all important components of a fraud investigation but come after the initial step of identifying indicators of fraud.

The Fraud Detection Process Involves