Financial reporting fraud: prevention starts at the top.
Financial Executive › Vol. 27 Nbr. 9, November 2011
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Financial reporting fraud: prevention starts at the top.
Ten years after the collapse of Enron Inc. made financial reporting fraudfront-page news, the issue remains a serious concern for boards, investors and the public at large. Today's public corporations spend significant time and resources complying with complex regulatory structures that grew out of Enron and other accounting controversies.
But for board and audit committee members, as well as each and every financial executive, compliance alone is not enough. Even to-the-letter compliance with regulations is no guaranteethat "it can't happen here." What is needed is a more comprehensive and proactive approach to reduce the risk of financial reporting fraud and mitigate its potential effects. State of Financial Reporting Fraud Although 2001 was a year in which financial reporting fraud generat...See the full content of this document
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