March 2014
Beginner
316 pages
7h 48m
English
Content preview from Fraud Prevention and Detection
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6
Red Flags for Financial
Statement Fraud
INTRODUCTION
Now that the reader understands how nancial statement fraud can be
perpetrated, this chapter sets out Red Flags for its detection.
TYPES OF FINANCIAL STATEMENT FRAUD RED FLAGS
Red Flags for nancial statement fraud can be behavioral, situational,
organizational, nancial, or transactional in nature:
• Behavioral Red Flags refer to conspicuous behavior of senior
management and/ or individuals with signicant roles in the
nancial process.
• Situational Red Flags refer to developments in markets, tech-
nological developments, changes in performance over time, or
expectations by stakeholders. These developments increase the
risk of manipulative actions by individuals with signicant roles
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