1. What is fraud? What roles do management and outside auditors play in preventing and detecting fraud as it relates to financial reporting? Find and share information in your posts about a relatively recent example of fraud related to financial reporting (last 5 years).
2. If a borrower and a lender agree on a long-term loan at a nominal interest rate that is fixed over the duration of the loan, how will a higher-than-expected and lower-than-expected rate of inflation impact the parties in both of these scenarios, Give numerical examples to reinforce your viewpoints?