Few Misconceptions of Fraud

Let me scribble few Misconceptions which people carry while we discuss 'Fraud'. These Misconceptions have been mentioned by Michael Comer in his book on 'Corporate Frauds'

MISCONCEPTIONS

Misconception 1 ~ The Police Detects Fraud
Misconception 2 ~ Regulators Prevent Fraud
Misconception 3 ~ Internal Auditors Detect Fraud
Misconception 4 ~ Audit Committees are the Answer
Misconception 5 ~ Small Fraud is Tolerable
Misconception 6 ~ Catastrophic fraud is rare
Misconception 7 ~ Dishonest Employees are the problem
Misconception 8 ~ Criminals are Unsophisticated
Misconception 9 ~ Fraudsters never take a Holiday
Misconception 10 ~ Fraud is Unpredictable
Misconception 11 ~ It can never happen to us
Misconception 12 ~ Controls are Negative
Misconception 13 ~ Surveys demonstrate the Risk