What is financial fraud?
- Accounting manipulation - Fraud or manipulation in the annual financial report including registration and maintaining of financial figures in Novo Nordisk. Accounting manipulation is defined as when the managers of an organization intentionally misstate their financial information to favourably represent the entity’s financial performance
- Non compliance with internal controls and procedures – Non compliance with Sarbanes-Oxley section 404 internal controls are considered financial fraud.
- Misappropriation of assets - including theft and misuse of Novo Nordisk assets and funds (skimming revenues, stealing inventory, payroll fraud).
- Fraudulent statement – falsification of an organisation’s financial statement in regards to overstating revenues and understanding liabilities or expenses.
- Corruption - wrongfully using influence in a business transaction to gain benefit for themselves or another person (accepting kickbacks, conflicts of interest)
- General - violation of good behaviour in regards to financial issues.
