Fraud in the footnotes – Omitted financial statement disclosures often tell tales

Description

Abstract: Omissions in the footnotes of financial statements may distort assets, revenues, liabilities and expenses. Such distortions can prove relevant to a range of legal matters, including shareholder disputes, D&O liability, and mergers and acquisitions. This article lists common types of fraudulent omissions and explains how forensic accountants unearth critical information. (Updated 3/31/12)