What is Financial Statement Fraud?
In layman terms Financial Statement Fraud pertains to simply cooking the books. Technically Financial statement fraud is the deliberate misrepresentation of the financial condition of an enterprise achieved through the intentional misstatement or omission of amounts or disclosures in the Financial Statements. According to the ACFE’s 2016 Report to the Nations on Occupational Fraud and Abuse, Financial Statement Fraud comprises of less than 10% of the Frauds reported in the study. In India also, the Corporate Loan frauds has been…