According to the COSO Fraudulent Financial Reporting 1998- 2007 update:
A) The most common fraud scheme used was improper revenue recognition.
B) Most companies engaged in fraudulent activities were able to recover and resume operations.
C) CEO's and CFO's were named by the SEC for involvement in approximately 50% of fraud cases.
D) All of the above.

Question

Quizplus · Accepted Answer

According to the COSO Fraudulent Financial Reporting 1998- 2007 update, the most common fraud scheme used was improper revenue recognition, making choice A the correct answer. Choice B is incorrect as the update did not provide information on the recovery and resumption of operations by companies engaged in fraudulent activities. Choice C is also incorrect as the update stated that SEC named CEO's and CFO's for involvement in approximately 20% of fraud cases, not 50%.

According to the COSO Fraudulent Financial Reporting 1998- 2007 Update