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Ten Things About Financial Statement Fraud - 2nd Edition

A review of SEC enforcement releases

TTAFSF 2nd Edition cover image

Despite stringent historic legislation aimed at combating fraud such as the Foreign Corrupt Practices Act (FCPA) and the Sarbanes-Oxley Act  — and despite enforcement efforts by the Securities and Exchange Commission (SEC) and the Department of Justice — financial statement fraud remains a public concern. But just what types of fraud is the SEC describing in its enforcement actions? In what industries are frauds most prevalent? Have fraud types and industry patterns changed over time?

The Committee of Sponsoring Organizations of the Treadway Commission produced a comprehensive report on fraud in 1999. To learn how fraud schemes have evolved since then, in mid-2007 the  Deloitte Forensic Center analyzed and reported on hundreds of SEC enforcement releases issued from 2000 through 2006.

With this booklet, we update our analysis to include SEC enforcement actions brought in 2007. These findings may have significance for the global effort to develop more robust business processes for managing the risk of fraud — and mitigating it. The efficacy of such processes will depend on knowing the fraud schemes typically committed and the industry-specific differences in those schemes.

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Video:  A Discussion About Financial Statement Fraud – 2nd Edition 

As used in this document, ‘Deloitte’ means Deloitte Financial Advisory Services LLP. Please see for a detailed description of the legal structure of Deloitte LLP and its subsidiaries.  

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