Forensic accounting, forensic audit and Corporate frauds

Description

Financial statement fraud is usually facilitated by management to achieve the desired goals. Company management can misrepresent financial statements in order to make the stock attractive to investors and, as a result, manipulate the stock price. In addition, management can misrepresent financial statements to justify bonuses and high salaries given to the employees of the company. This usually happens when management compensation is related to the company's performance.

The main reason for financial statement fraud is that the company's position looks better on paper. Financial statement fraud is not always motivated by one person, but it is committed by many.

As per the study conducted by the Association of Certified fraud examiners, financial statement fraud, in which the perpetrator deliberately causes a material misstatement or omission in an organization's financial statements, is the least common (10%) amongst the other operational frauds, yet most expensive category of business-related fraud

Corporate frauds have emerged as the biggest risks which companies are exposed to, and are increasingly becoming a big threat

Regulations are being regularly tightened to ensure monitoring, vigilance and disclosure mechanisms including whistle blowers’ complaints. It is a universal truth that fraudsters are always a step ahead of regulators

In case of frauds involving large amounts causing going concern issues (raising doubts in the ability of the company to continue its operation in the near- future

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