The deliberate effort aimed at misleading investors or other users of financial information by giving them a false picture about the true performance of the company hinders the decision making process of outside investors, as they are unable to make informed and accurate financial decisions about the company’s financial health. Thus, the onus remains on the reporting organization to ensure that tight internal controls exist at places which can manage the potential fraud issues. According to Ewin (1991), every company possesses an internal corporate decision structure which guides the organization to attain its predetermined goals. As per this internal decision structure, majority of corporate actions do not pertain to one individual, but the entire team is jointly responsible for it. Business ethics, corporate governance, along with corporate social responsibility have been regarded as the three pillars of sustaining an organization. Ethics is the primary factor that determines business success or failure. On the other hand, corporate governance practices are needed to ensure that the companies bear the responsibility of directing and controlling their activities in a manner which is fair to the stakeholders. According to Rossouw (2005), there are two prominent issues pertaining to this responsibility. Firstly, this responsibility can be borne voluntarily by the boards of directors of the companies, or it may be imposed on them through regulating bodies. Secondly, the scope of the group of stakeholders, towards which the company should be responsible, has been a contested issue in the field of corporate governance, since some regimes restrict the stakeholders group to comprise of shareholders only.