Fraud can be defined as dishonestly obtaining an advantage, avoiding an obligation, or causing a loss to another party. The term “fraud” commonly includes activities such as theft, corruption, conspiracy, embezzlement, deception, bribery, and extortion. It may involve:

• manipulation, falsification or alteration of records or documents;
• suppression or omission of the effects of transactions from records or documents;
• recording of transactions without substance;
• misappropriation (theft) or willful destruction or loss of assets including cash and;
• deliberate misapplication of accounting or other regulations or policies.