INTERNE REVISIONdigital
 

Types of Fraud

Joseph T. Wells, chairman and founder of the “Association of Certified Fraud Examiners” (ACFE), has developed a classification system – known informally as the fraud tree – that accounts for all of the most common types of fraud. The fraud tree encompasses a wide range of misconduct by executives, managers, and employees of organizations, ranging from petty thefts to sophisticated financial statement frauds. It is illustrated in Exhibit 3 (see Wells 2007, p. 46; ACFE 2008, p. 7).

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