Benford’s Law is always a popular topic in the audit and forensic accounting world. This rule, which predicts how often you should expect to see numbers 1 through 9 as the leading digits in accounts payable, deposits, disbursements and other select large data sets, can be an invaluable tool to detect potential fraud.
Briefly explained, Benford's Law maintains that the numeral 1 will be the leading digit in a genuine data set of numbers 30.1% of the time; the numeral 2 will be the leading digit 17.6% of the time; and each subsequent numeral, 3 through 9, will be the leading digit with decreasing frequency.
This template illustrates Benford's Law