Abstract
The most appalling “F” word in business has been brought to the forefront by the AICPA with SAS No. 99: Fraud. It’s very sound can make corporations and investors cringe. Fraud is often ominous to serious financial problems that hurt a company’s creditability and raise serious internal control issues. This paper discusses how SAS No. 99 came about and examines its implications for fraud detection in financial statement auditing. Auditors have seen an increase in their responsibilities for fraud detection as a result of SAS No. 99, yet many still fail to fully grasp the recommendations it made for fraud detection and prevention. This paper discusses whether or not SAS. No. 99 really works and the reasons why.
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