Below are definitions of accounting terminology that is used:
ACFE: Association of Certified Fraud Examiners
Errors: Problems that arise usually due to individuals not being properly trained.
Financial Statements: Consist of the balance sheet, income statement, and cash flow statement.
Framework: A set of rules or standards applied consistently.
Likelihood: The chance that some even will occur.
Mitigate: To make a problem less severe.
Probability: The chance that some event will occur.
Safeguard: Protection of an asset.
Theft: The loss of an asset that was not approved.