Financial fraud drains trillions of dollars from the worldwide economy each year. Accountants and auditors are arguably on the front line of the battle against fraud, and therefore must be well trained to develop an understanding of the factors that lead individuals to commit fraud and the processes that might be used to deter and detect financial fraud. This paper reviews the current presentation of fraud and the fraud triangle in accounting texts. We then argue and illustrate that the fraud diamond and pentagon are more comprehensive models for understanding fraud and should be used in advanced courses as they offer a more complete understanding of the risks related to fraud. These concepts are applied to several cases to illustrate their value in the classroom. Understanding fraud risks is critical for accountants and auditors to prevent and/or detect frauds.