Does Accounting Fraud actually exist?

A lot has been heard about the so called 'Accounting Fraud' since the last decade especially after the outbreak of many fiascos such as Enron, Satyam etc. Focus has been completely shifted to the so called 'White Collar Crimes'. A lot has been argued by various people regarding the requirement of the  stringent accounting laws to avoid the frauds from taking place and also requirement of common accounting laws across the globe to improve the  understanding of the accounting disclosures made by companies across the globe which has also resulted in the formation of IASB - a body to oversee the standardization of the accounting laws across the country. The voice for improving the accounting laws laid more emphasis on the disclosure of off-balance sheet items. For a moment, keeping all these aside, there is a need to analyze whether the strong/weak technical accounting law is the only reason for occurrence/non-occurrence of the financial fraud.

Accounting is an art of 'Recording' the transactions taking place in a business but not creating the transactions taking place in the business. The accounting acts as a subordinate to the transactions which take place in the business. The transaction taking place leads to the selection of the accounting treatment but not vice-versa. The transactions take place with complete knowledge of the people managing the business and so does the accounting.  So the accounting can only portray the essence of the transaction rather than the selection of transaction itself. 

Accordingly, when accounting does not lead to creation of a transaction, is it fair enough to tag the frauds to the poor accounting?. While it can be argued that the accounting helps the stake holders to understand the transactions being undertaken, it should be understood that the will of the management to do the same is more important than the stringency of the laws. If accounting is done for a transaction which does not occur (Satyam) or when transactions are intentionally hidden, accounting cannot be blamed for such acts. The accounting is like a wax which molds as per the design of the management. Hence, the accounting can never be blamed for the frauds which happen.

Note: I am an amateur blogger. Readers are requested to excuse me for any mistakes in forming sentences which I hope to avoid in future.