The financial statement fraud cases have triggered the highest amount of median loss of around $1 million in spite of the comparatively low number of cases during the research investigation (ACFE, 2012). These issues impose grave danger equivalent to the exact level of any economic crime and since 2003, the financial and non-financial damages and related financial statement cases were seen to incline (PWC, 2007). Prevention, as well as detection of financial statement fraud, has therefore become the chief concern for all the organizations worldwide. The prevention of these financial statement fraud is considered as the best method for reducing it but in the case of the failure of this prevention method, the detection of fraudulent financial reporting is very important.