Discuss the components of fraud triangle, Auditing

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Discuss the components of fraud triangle

Response to the following :

1. Define fraud

Define "fraud." List and briefly discuss the three major components of the "fraud triangle."

2. Describe fraud and its impact

Charlene Clyde, an accountant for Otto Brothers Limited, discovers that her supervisor, Bob Lusk, made several errors last year. Overall, the errors overstated the company's net income by 20%. It is not clear whether the errors were deliberate or accidental. What should Clyde do?

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Auditing: Discuss the components of fraud triangle

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