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Due to the fact that individuals, particularly management and board members, perpetrate financial statement fraud. When looking for potential financial statement fraud exposures.
Financial statement fraud refers to the purposeful falsification of a company's financial statements, whether by omission or exaggeration, in order to give a more favorable impression of the company's financial position, performance, and cash flow. Fraud on financial statements is an opportunity crime. Businesses that have weak internal controls, manual accounting procedures, or dishonest and aggressive leaders are more likely to become victims.
Preventing financial statement fraud from happening in the first place is the key to beating it. Finding it as soon as possible is crucial if it cannot be stopped. Management, whether it be in business, non-profit, or governmental settings, is the administration of an organization. It is the science and art of managing the business's resources. Management is the process of completing the work or task necessary to accomplish the objectives of an organization in a timely and effective manner. The functions of management are implied by the process. Specifically, organizing, staffing, leading, and controlling.
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