India, Nov. 15 -- There has been a steady increase in the number of frauds witnessed by India Inc, and more often than not, they are financial in nature by creating deliberate alteration of financial statements to mislead stakeholders and provide them an incorrect picture of the company's performance, financial position, cash flow and liquidity status.

Several companies, once hailed for their standing in the business world, like ICICI Bank, Yes Bank, DHFL, Vodafone India, IL&FS, Punjab National Bank, have become examples of corporate frauds. Such frauds on the back of failed corporate governance mechanisms pose a threat to all stakeholders like retail investors, government, institutions, vendors and so on. In this context, the importance...