What is a dishonest act by an employee that results in personal benefi What is the Sarbanes-Oxley Act? What is the asset most susceptible to fraudulent activities?

Name: Professor Jeff Paterson: Chapter 7,10,11 Study Guide
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ACG 2021 Chapter 7 Fraud & Internal Control  Fraud: Dishonest act by an employee that results in personal benefit to the employee at a cost to the employer  Fraud Triangle: 3 factors that contribute to fraudulent activity by employees: 1. Opportunity: Work place lacks sufficient controls to deter and detect fraud 2. Financial Pressure: Personal financial problems caused by too much debt or want to have a lifestyle they can’t have with their current salary 3. Rationalization: Justifying reason for doing fraud. Example: might think they are under paid  SarbanesOxley Act (SOX): Requires all publicly traded U.S. corporations are required to maintain