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Ten Things We Hate about Fraud Fudging revenue is the most popular form of financial-statement crime. And though it seems to be in decline, a Deloitte Forensic Center study finds fraud to be tenacious across a variety of industries.

Alan Rappeport, CFO.com | US
July 20, 2007

Why we hate Fraud

I almost had to laugh at the comment that inspite of all the new laws and regulations and stepped up enforcement by the SEC the public remains 'concerned' about financial statement fraud.

I think the public is concerned because the public seems to understand what the legislators and regulators cannot: fraud is a criminal act. Laws do NOT prevent crime. Cops do NOT prevent crime. At best laws give cops the authority to arrest criminals.

The increased awareness of fraud has had many unfortunate consequences - and the new laws are some of those consequences. They impose costs on the innocent without any realistic possibility of stopping the real criminals.

Posted by Tad DeOrio | Jul 24, 2007 4:36 PM ET