Thursday, December 11, 2008

Identifying a fraud risk factor

Books of Account
Implementation Guide to Risk-based Audit of Financial Statements
( http://www.icai.org/ )

The fraud triangle

Opportunity, pressure, and rationalisation are the three sides to the fraud triangle, states Implementation Guide to Risk-based Audit of Financial Statements. When all the three conditions are present, it is highly likely that fraud may be occurring, the publication cautions.

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