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Greg Kyte 2I’m not a big fan of the fraud triangle. It’s like ITT Tech. Both make people think they’re smart, but they’re not.

 

You know this stuff. Pressure, opportunity, and rationalization must be present at the same time in order for an ordinary person to commit fraud. Like how bacon, lettuce, and tomato must be present at the same time in order to have a BLT. And just to make it perfectly clear to any ITT grads out there, opportunity is the bacon of the fraud triangle. There’s absolutely no way you could have fraud if there’s no opportunity to commit fraud, just like there’s absolutely no way a BLT could qualify as a real sandwich if you say, “Hold the bacon.” Sorry vegans. Read more
Category:
Fraud
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Greg Kyte 2Fraud is awesome. Because if nobody committed fraud, we would never get to find fraud. And finding fraud is the sexiest part of accounting. Sure, that’s like saying the sexiest part of Steve Buscemi is his forearm¹. But at least there’s some part of our job that’s materially sexier than sales tax compliance ².

Unfortunately, we suck at being sexy. It’s embarrassing how seldom we find fraud. Depending on which report you look at, only two to nine percent of fraud is discovered by the external auditor. And all of those studies have a margin of error of two to nine percent. Read more
Category:
Fraud
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