The Institute for Fraud Prevention has released a study saying that most financial statement fraud is orchestrated by an organization’s chief executive, who is usually aided by outsiders in the overriding of internal controls.

The institute is a non-profit consortium of universities dedicated to researching the causes of fraud. Working under an IFP grant, two academics at St. John's University reviewed public filings made by 834 firms that filed financial restatements between 1997 and 2002 to try and find trends in financial statement fraud.

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