This study, based on risk factors outlined in SAS No. 43, investigates the relationship between the voluntary information disclosure and fraudulent financial reporting and hence reviews the applicability of voluntary information disclosure policies. About the voluntary information disclosure, our empirical results show the occurance of fraud is positively associated with pressure on achieving target revenue (PRESSURE) and voluntary earnings forecast frequency (EF). However, the occurance of fraud is not significant correlated with the going-concern crisis (GC) and highly complex transactions (COMPLEX). About the mandatory information disclosure, all variables are not significant correlated with fraud occurance, except ECB issuance (ECB) and the debt ratio (LA). Accordingly, this study suggests that prohibiting voluntary disclosure but enhancing mandatory disclosure may be efficient for fraud detection.