The Four Financial Statements

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Businesses report information in the form of financial statements issued on a periodic basis. GAAP requires the following four financial statements: Balance Sheet – statement of financial position at a given point in time. Income Statement – revenues minus expenses for a given time period ending at a specified date. Statement of Owner’s Equity – […]

Tips on Curbing Corporate Fraud

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1.    Assess risk. Identify what activities are outsourced, moved between different groups, and transferred across borders, and which activities are performed by the board of directors, top managers, employees, suppliers, customers, competitors and external contractors. Recognizing risk spots determines where prevention and detection mechanisms should be placed. 2.    Assess corporate culture. Identify the ethical tone […]