What is Fraud

In this chapter, the necessity for compliance and corporate governance is discussed. It is essential to shine the limelight on these practices, and they are considered important for economic growth. Corporate governance is, in theory, a rather straightforward process with pre-determined policies and procedures. However, it is becoming increasingly clear that there are plenty of deficiencies in the way these procedures are being implemented. In fact, fraud is becoming more difficult to detect as strategies to fight corruption continue to be loosely implemented. Implications of conventional theory and traditional practices are discussed with an emphasis on today's standards, along with the objectivity of the underlying pillars of ethics, social norms, and personal values. The chapter highlights the importance of corporate governance and its added value to professional and social settings.