Gizella MartonOSAMA FAWZAN IBRAHIM ALSHAYA2022-05-282022-05-28https://drepo.sdl.edu.sa/handle/20.500.14154/37540In the last couple of decades, financial fraud detection has been a hot area of discussion as to who should bear its responsibility; especially after a series of financial scandals that have occurred. This project report aims to provide a better understanding of financial fraud from several sides supported with real fraud events as examples, to shed some light on how to detect and prevent fraud, and significantly to answer the question of whose responsibility is to detect a fraud event. In this context, financial fraud is a deceptive behaviour with intention and designation to prevent a right or to make an unlawful gain (ISA 240). In this project report, three main areas are covered. First, fraud common types, fraud triangle, and examples of financial fraud scandals. Secondly, fraud detection and prevention details. Thirdly, a brief review of (ISA 240: the auditor's responsibility to detect fraud) with some discussions about the expectation gap between what public users expect and what auditors do provide. The results showed that management is primarily responsible for preventing and detecting fraud whereas external auditors are mainly responsible to provide financial statements that have true and fair values and are free from any material misstatement.en