5. Conclusions
Recent corporate frauds and the outcry for transparency and honesty in reporting have given rise to two outcomes. First, forensic accounting skills have become very crucial in untangling the complicated accounting maneuvers that have obfuscated financial statements. Second, public demand for change and subsequent regulatory action has transformed CG scenario across the globe. In fact, both these trends have the common goal of addressing the investors’ concerns about the transparent financial re- porting system. The failure of the corporate communica- tion structure, therefore, has made the financial commu- nity realize that “there is a great need for skilled profes- sionals that can identify, expose, and prevent structural weaknesses in three key areas: poor corporate govern- ance, flawed internal controls, and fraudulent financial statements [36]. In addition, the CG framework needs to be first of all strengthened and then implemented in “let- ter as well as in right spirit”. The increasing rate of white-collar crimes, without doubt, demands stiff penal- ties and punishments.