Which type of fraud involves the theft or misuse of assets?

Asset misappropriation is the correct answer because it specifically refers to the theft or misuse of an organization's assets. This type of fraud typically involves employees stealing or misusing the resources of their employer for personal gain. Common examples of asset misappropriation include embezzlement, theft of inventory, misuse of company credit cards, and fraudulent expense reimbursements.

Understanding this definition is crucial for accounts payable specialists, as they must be vigilant in identifying and preventing asset misappropriation within their organizations. This awareness enables them to implement internal controls and procedures designed to safeguard assets against theft and misuse.

The other types of fraud mentioned—corruption, fraudulent statements, and occupational fraud—cover a broader spectrum. Corruption usually refers to dishonest conduct by those in power, often involving bribery or conflict of interest. Fraudulent statements concern the presentation of false financial information, which can mislead stakeholders about an organization's financial health. Occupational fraud encompasses both asset misappropriation and corruption, so while it is related, it is not as specific as asset misappropriation when purely considering the theft or misuse of assets.