Forensic accounting has been identified as the fastest growing area of accounting. Fraud examiners must understand the legal aspects of fraud and what constitutes fraud. To be successful in this industry, they must be able to determine why people commit fraud and how to prevent it from happening.Through this analytical process, examiners may then provide organizations with recommendations for improving their internal controls, thus preventing further financial losses and additional harm to their reputations.For this assessment, you will assume the role of a fraud examiner using a case study based on an actual fraud occurrence. Cresseys fraud triangle will be used toassess the three conditions present in fraud cases: incentives, opportunity, and rationalization. The case will also provide you with the opportunity to employbasic techniques for identifying red flags for fraud occurrence, recognize legal and regulatory issues, and compose an executive report for management.Note: You will be using the same case for all milestones and the final project.For Milestone One, you will submit an introduction to fraud as it applies to your case study analysis. Consider the elements of fraud, the theories of crimecausation, red flags of evidence based on the elements of the fraud triangle, regulatory and legal factors in preventing and/or detecting fraud, and developmentsin the accounting industry that impact fraud investigation.Prompt: Introduce fraud, theories of crime causation, legal and regulatory factors involved in prevention or detection, and recent developments in the field.Specifically, the following critical elements must be addressed:I. Introductiona) What are the elements of fraud and the importance of studying fraud? How does knowledge of fraud benefit stakeholders beyond the accountingdepartment?b) What are the different theories of crime causations? How does the identification of the cause of the fraud assist the investigator in determiningthe perpetrator and the extent of the crime? Provide specific examples that link crime causation to the perpetrator and the crime.c) Use the fraud triangle to discuss red flags of evidence of pressure, opportunity, and rationalization typically present when fraud occurs. Be sure tolink each red flag to a specific area of the fraud triangle.d) Describe the regulatory and legal factors that impact the prevention and/or detection of fraud.e) Explain the recent developments that impact the accounting industry and specifically the fraud investigation. Consider linking previous cases offraud to changes in the fraud investigation.Guidelines for Submission: Your introduction must be submitted as a 23 page Microsoft Word document with double spacing, 12-point Times New Roman font,one-inch margins, and at least three sources cited in APA format.