The Association of Certified Fraud Examiners (ACFE) defines fraud as “deception” or misrepresentation that an individual or entity makes knowing that it could result in some unauthorized benefit to the individual or to the entity. Approximately 10% of incidents concerning in white collar crime is fraud. Financial statement fraud occurs in many ways which results into understatement of liabilities or expenses and overstatement of revenue and assets. However, corporations hire forensic experts to do the fraud investigation. After the 2002 Enron scandal, the Sarbanes Oxley act required that a publicly traded company to have an audit committee with a financial expert. The CPA firm does the auditing of the financial statements and makes sure every
