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Who's Allegedly 'Cooking the Books' and Where?
As the economic downturn and financing challenges continue to put many organizations under heightened pressure, financial-statement fraud remains
a concern to lenders, investors and regulators. In a poll conducted during an April 23, 2009 Deloitte online seminar entitled “Managing Fraud Risk: Insights and Practical Strategies,” 72% of the 2,123 respondents indicated a belief that the number of accounting frauds uncovered would increase over the next two years.
When asked which type of financial-statement fraud was of greatest concern to them in the current economic environment, in second place after the usual answer ' manipulation of revenue recognition, chosen by 41% of respondents ' was manipulation for debt covenant compliance purposes. This scheme is not usually brought up in studies of common financial-statement frauds, but in this seminar it was selected by 18% of respondents. These results suggest that financial-statement fraud continues to be an important business risk for organizations to guard against.
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