Author: Parveen Kumar, ASA
Another accounting issue: the bank failed to present its financial results properly.
Auditors fined and debarred in yet another accounting scam.
Promoters banned from stock markets.
Sounds familiar? These headlines are becoming increasingly common, and public concern is growing. Hardly a week passes without news of another corporate fraud. According to A Report to the Nations by the Association of Certified Fraud Examiners (ACFE), organizations lose approximately 5% of their revenue to frauds each year. This finding is based on an analysis of 1,921 cases across 138 countries, categorizing occupational fraud into three primary types: asset misappropriation, corruption, and financial statement fraud.
Published on – Fortune India
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