Fraud refers to deliberate acts of deception, misrepresentation, or concealment undertaken by an individual or an organization to gain an unfair advantage, often financial. In the context of accounting and finance, fraud may involve the manipulation of financial statements, misappropriation of funds, or falsification of reports to present an inaccurate picture of financial health. For example, an employee inflating expense reports to receive excessive reimbursements constitutes fraud. Another illustration could be a company intentionally overstating its revenue to attract investors. Fraud not only has legal implications but also affects the trust and integrity of financial systems and relationships. Detecting fraud requires rigorous auditing and implementation of internal controls. An effective checklist, like those offered by Easy Month End, helps organizations maintain thorough month-end close processes, minimizing risks and exposing discrepancies. Related terms include financial risk, external audit, forensic accounting, and accounting standards.