Page 68 - Veritas Vol 3, Issue 2

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Watch out for warning signs, such as odd activity in your bank accounts or
staff members who appear to be living over their means.

Understand your company's financial situation so you can take prompt
action when an issue occurs.

Make sure that your hiring practices don't unintentionally foster a fraud-
friendly atmosphere.

Establish documentation guidelines and practices that will reduce the
likelihood of fraud.

CONCLUSION :

The field of corporate governance and leadership is intricate and multifaceted.
Although it is the CEO's and chairman's responsibility to lead their company to

success, they risk serious repercussions if they act unethically or illegally.
Corporate frauds and scandals have the potential to cause losses in the billions

of dollars, legal troubles, and a decline in the company's reputation. Many
nations have responded by putting legislative frameworks and controls in place

to attempt and stop corporate wrongdoing, although these steps are not always
successful. Corporate scandals have an international influence and can have
serious repercussions for the firm as well as its stakeholders, workers, clients,

and investors.

REFERENCES :

1. Rashid, M. S., Al‐Mamun, A., Roudaki, H., & Yasser, Q. R. An Overview
of Corporate Fraud and its Prevention Approach. The Australasian

Accounting Business and Finance Journal.
https://doi.org/10.14453/aabfj.v16i1.7
2. Nandi, S. Satyam Scam Case Study: India’s Biggest Corporate Fraud. The

Business Rule. https://thebusinessrule.com/satyam-scam-case-study-indias-
biggest-corporate-fraud/

VERITAS VOLUME: 3, ISSUE: 2 WRITER: R V ISHITHA REDDY