Data Mining Methods for Prevention of Fraudulent Financial Reporting

Abstract

Technology has been vastly forwarded in the recent times. Today financial frauds are one of the most reported things in the society. Fraudulent financial statement costs millions of dollars to the world economy consistently and is the main reason behind the failure of numerous companies. Financial statement fraud is a sort of management fraud, since it is the management of the organization which controls the financial information. Prevention of financial statement fraud has become a major concern of numerous organizations.