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Deep Dive into Financial Statement Fraud and Forensic Red Flags

A forensic course for investors who already read financial statements and now want to catch the ones that lie. Learn how Indian listed companies inflate revenue, hide expenses, fake cash, and dress up balance sheets, and how to detect it using annual report notes, auditor reports, BSE/NSE filings, screener.in data, and quantitative screens like the Beneish M-Score. Built on real Indian cases: Satyam, Manpasand Beverages, Brightcom, Gitanjali Gems, CG Power, DHFL, Ricoh India, and more.

Fraud Incentives and AnatomyRevenue ManipulationExpense and Asset GamesCash Flow ForensicsAuditor and Disclosure Red FlagsQuantitative Fraud ScreensIndian Fraud Case Studies

MODULES

6

DURATION

~5 hrs

TRACK

Forensic Accounting & Compliance

What You'll Master

Why companies commit accounting fraud and where the pressure points sit in Indian promoter-led firms

How revenue gets inflated through channel stuffing, round-tripping, and fake customers, and how to test it against receivables and cash

How expenses get parked in the balance sheet through capitalisation, inventory games, and related party structures

Why the cash flow statement is the hardest to fake and how to reconcile reported profit to actual cash

How to read auditor reports, CARO remarks, resignations, and SEBI filings for early warnings

How to run the Beneish M-Score, Altman Z-Score, and a custom forensic screen on any NSE or BSE stock

Access Level

LEARNER

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Everything included

Full Text Playbooks

Actionable Exercises

Mobile Reading Mode

Lifetime Updates

Curriculum Breakdown

Chapter 1: Why Companies Cook the Books

3 Lessons

The Fraud Triangle in Indian Promoter-Led Companies12 min read

Earnings Management vs Fraud: Where the Line Actually Sits12 min read

The Anatomy of a Fraud: How Small Lies Compound Into Satyam14 min read

Chapter 2: Revenue Manipulation: The Top Line Lies First

4 Lessons

Channel Stuffing, Bill-and-Hold and Premature Recognition13 min read

Fake Customers and Round-Tripping Through Related Parties13 min read

Receivables Forensics: Days Sales Outstanding and the Revenue-Cash Gap13 min read

Case Study: Manpasand Beverages and the Revenue That Never Left the Warehouse14 min read

Chapter 3: Expense, Asset and Balance Sheet Games

4 Lessons

Capitalising Expenses: How Costs Hide in Fixed Assets and Intangibles13 min read

Inventory Manipulation and the Gross Margin Trap12 min read

Off-Balance-Sheet Debt, Guarantees and Subsidiary Dumping13 min read

Case Study: Gitanjali Gems and the Balance Sheet Built on Letters of Undertaking14 min read

Chapter 4: Cash Flow Forensics

4 Lessons

Why Cash Is Harder to Fake Than Profit, and How Some Still Manage It13 min read

Reconciling PAT to Operating Cash Flow: The Accrual Ratio13 min read

Interest Cost vs Reported Debt: Finding the Missing Borrowings12 min read

Case Study: Brightcom Group and the Cash That Was Not There14 min read

Chapter 5: Auditor, Governance and Disclosure Red Flags

4 Lessons

Reading the Auditor's Report: Qualifications, Emphasis of Matter and Key Audit Matters13 min read

Auditor Resignations, CFO Exits and Other Behavioural Signals12 min read

Contingent Liabilities, Pledges and the Notes Nobody Reads13 min read

Case Study: CG Power and the Fraud the Board Uncovered14 min read

Chapter 6: Quantitative Screens and Your Forensic Toolkit

4 Lessons

The Beneish M-Score: Eight Ratios That Flag Manipulators14 min read

Altman Z-Score, Sloan Accruals and Benford's Law in Practice13 min read

Building a 25-Point Forensic Checklist Using screener.in and BSE Filings14 min read

Case Study: Running the Full Toolkit on a Live NSE Stock14 min read