What Is Financial Statement Fraud?
In this article, you will learn about the concept of financial fraud. This is one of the most important topics in forensic accounting and auditing.
Financial statement fraud is the deliberate misrepresentation of an entity's financial condition. It is carried out through the intentional misstatement or omission of amounts or disclosures in the financial statements, with the purpose of deceiving the users of those statements.
The Distinction Between Error and Fraud
Financial statement fraud, like all other types of fraud, is an intentional act. As stated in International Standard on Auditing (ISA) 240, The Auditor's Responsibilities Relating to Fraud in an Audit of Financial Statements, misstatements in the financial statements may arise from either error or fraud. The distinguishing factor is whether the underlying action that results in the misstatement is intentional or unintentional.
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