What is fraud? Hall (2013) broadly defines it as “a misrepresentation of a material fact made by one party with the intent to deceive and induce the other party to rightly rely on that fact to his or her detriment » (p. 97). ISA (NZ) 240 11(a) also defines it as “an intentional act committed by one or more individuals in the organization or by third parties using deception to obtain an unfair or illegal advantage”. Van Peursem, Pratt, and Cordery (2011) state that misrepresentation or intentionally misleading act of corporate fraud involves either “misappropriation of company assets or manipulation of accounting information” (p. 56 ). Furthermore, Hall (2013) examined three factors that can contribute and explain why fraud is committed, namely opportunity, pressure and ethics. He explained that fraud is usually the result of existing pressure and opportunity for the member of the organization who has a low level of professional and personal ethics and has a predisposition to commit fraud. Since the deceptive acts and the usual suspects or perpetrators are the same in any business or industry, the differences between private and public sector fraud are the victims of fraud, how much they suffer from it and possibly the different levels pressure and opportunity, collectively referred to as fraud risk factors, to engage in fraudulent activities. Private sector companies acquire their financial capital from shareholder investors and base their operations solely on maximizing the returns on these investments. Shareholders are therefore the first victims of fraud committed in their company and end up absorbing the resulting losses. The scale of fraud and losses is usually directly related to the complexity and scale of the problem. and standards for detecting and reporting material misstatements arising from fraud by possessing the required skills and knowledge and deploying the required efforts. Porter (1990) suggests that this can be achieved through ongoing professional development and training and strict adherence to standards. Zikmund (2008) also suggests that auditors could perhaps (further) develop their fraud detection and forensic skills by improving their knowledge of various fraud schemes and scenarios, as well as applicable laws and regulations. Once the performance of the profession as a whole has been improved and maintained, perhaps the profession could review and modify current standards and guidelines, which could improve fraud detection and meet expectations halfway of the company..