Fraud toolbox: The nuts and bolts of financial statement fraud

Description

Abstract: Financial statement schemes continue to rank among the most costly types of occupational fraud for all types of organizations. The costs frequently include more than just the loss of assets — victimized companies also may suffer lost shareholder value, lower employee morale, premature tax liabilities and reputational damage. This article discusses the latest Report to the Nations on Occupational Fraud and Abuse, which compiled information on the impact of financial statement fraud and common fraud schemes. A sidebar looks at the report’s findings regarding who commits fraud.