Financial statements provide information regarding financial position, financial performance and cash flows of an enterprise, be it individual, partnership or corporation. It provides an overview of an enterprise’s financial condition, both short and long term. The four basic financial statements are the balance sheet, income statement, statement of retained earnings, and statement of cash flows and occasionally a fifth one, notes to financial statements which describe each item on the four other statements in further detail. Manipulation of these statements is the core of financial statement fraud.