Audit, Fraud, and Forensic Accounting

Abstract

First, the paper will define fraud and analyze a fraudulent accounting situation and the responsibilities of a forensic accountant. Then, the paper will examine and analyze an accounting fraud case involving a money laundering scheme involving a retired couple who own a business and their son. Lastly, the paper will offer insight into the differences between an accounting audit and a fraud examination of financial statements and recommendations on what current fraud model offers the best explanation for the actions of the fraudulent retired couple.