In malignancy of preface of new and strict legislations, preface of Information Technology and its up- gradation, the number of frauds and swindles are on the increase. This has raised question marks on the efficacy of the being fraud discovery and control systems or mechanisms. frequently, the theft or frauds are detected post the circumstance and thus, the entire exercise stands defeated as the precious fiscal resources stand lost and the process of recovery is time consuming and veritably intricate as the fraudsters use a number of frontal realities to disguise their conditioning. This process of decrypting itself causes detention and provides sufficient time for the fraudsters to wind up their conditioning and vanish. The current set up of statutory adjudicators have failed in their duty of detecting and controlling frauds. evidence are the high profile frauds carried out under the nose of top ranking inspection enterprises which failed to descry any suspicious deals in similar frauds. Either, the police and the probing authorities aren't well equipped to handle similar complex fiscal frauds. This is due to the fact that they don't have moxie in finance nor do they've a fiscal-academic background, therefore making the process of discovery extremely delicate. Either, these agencies are overburdened with various other civil and felonious crimes, especially, today the crimes conducted by the terrorists outfits which has come the top issue in internal security of nations. This exploration is a humble beginning in the direction of integration, which if pursued with determination and farther exploration and perpetration, shall surely play a positive part in abatement of fiscal irregularities and crimes. Every nation and account controllers need to consider over this area to insure and work out doable results which shall help in erecting up a new species of accountants who are well clued in counting principles and practices, well acquainted with information technology and legal aspects of law, especially in medication and contributions before the court of law in order to bespeak and discipline the fraudsters.

KEYWORDS: Fraud, Technology, Standards, Detection, Accounting, Control, Security, Practices.