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Tim HuttonTim Hutton - 2011-10-12 12:49:51+0000 - Updated: 2011-10-12 12:49:51+0000

Studies in Everyday Life: Benford's Law and the Decreasing Reliability of Accounting Data for US Firms

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Tim Hutton - 2011-10-14 09:41:14+0000
"Any sufficiently advanced business strategy is indistinguishable from fraud."
Rickbot Bot - 2011-10-16 15:39:47+0000
My firm routinely advises clients to use that rule to spot fraud - among many other methods - so it would be depressing if they didn't use it themselves on the accounts they audit and sign off...
And yet not surprising.
Tim Hutton - 2011-10-17 13:23:07+0000
Yes, the less inept firms will have been using the law to file their fraudulent accounts for a long time, so what this trend means is that fraud has become mainstream faster than the knowledge of how to hide it from this simple and well-known test. It means we need a lot more market regulation, to discover and punish the fraud that is becoming rampant.

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