Question

define fraud list and briefly discuss the three major components of the fraud triangle
fraud is made for the purpose of

Explanation:

Fraud is an intentional deception. The fraud triangle has three components. First, pressure (e.g., financial need) drives a person to commit fraud. Second, opportunity (like weak internal controls) allows fraud to occur. Third, rationalization (e.g., "I'll pay it back") justifies the fraudulent act.

Answer:

Fraud is an intentional deception made for the purpose of unlawfully obtaining money, property, or services.
The three components of the fraud triangle:

• Pressure: A motivation (e.g., financial distress) that drives an individual to commit fraud.
• Opportunity: Circumstances (e.g., lack of oversight) enabling fraud to happen.
• Rationalization: A mindset (e.g., “It’s just a loan”) that justifies the fraudulent behavior.