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What Is the Fraud Triangle? Which Element of the Fraud

question 83

Essay

What is the fraud triangle? Which element of the fraud triangle is most closely connected with internal controls?


Definitions:

Operations

The day-to-day activities involved in running a business and producing goods or services efficiently.

Small Business Administration

A U.S. government agency that provides support to entrepreneurs and small businesses in the form of loans, loan guarantees, counseling, and other resources.

Major Lending Source

A primary institution or entity that provides significant amounts of capital or loans to individuals or businesses for various purposes such as investment, purchasing, or expansion.

Small Business Investment Company

A privately owned investment company licensed by the Small Business Administration (SBA) to provide financing to small businesses.

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