The fraud theory approach to fraud investigations is a process that posits a hypothesis regarding a fraud scheme, tests the hypothesis with evidence, and then accepts, modifies, or discards the hypothesis as is warranted by the evidence.

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The fraud theory approach does indeed involve forming a hypothesis about a possible fraud scheme, gathering evidence to test the hypothesis, and then adjusting the hypothesis as needed based on the findings.

The Fraud Theory Approach to Fraud Investigations Is a Process