Practice Drills: Identifying Red Flags in a Sample Annual Report

A practice-first foundation course built around one complete sample annual report: a fictional listed Indian consumer durables company whose FY26 report looks healthy on the cover and gets less healthy with every page you turn. You read it the way a forensic analyst or compliance reviewer would, in a fixed order. You start with the chairman's letter and management discussion, then the directors' report and corporate governance report, then the balance sheet, profit and loss and cash flow statement, then the notes to accounts, related party disclosures and the auditor's report with CARO remarks. Every lesson is a drill: you get an excerpt, you log the flags you find on a scorecard, and then you check your answers against a worked solution. The course ends with a timed blind drill on a second sample report and a simple framework for turning a flag count into an avoid, watch or dig-deeper call. Built for commerce and finance students heading into forensic work, compliance career aspirants, and investors who want to spot fraud before it shows up in the share price.