Total Fraud Costs (TFC) =

Name: Total Fraud Costs (TFC) =
Brand: Quizplus
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Question

Quizplus · Accepted Answer

TFC includes prevention costs (costs of implementing controls and procedures to prevent fraud), detection costs (costs of detecting fraud), correction costs (costs of fixing the damage caused by fraud), and actual losses incurred due to fraud. Personnel costs and prosecution costs are not necessarily included in TFC, and auditing costs may not be equivalent to TFC if losses are not taken into account.