Which of the following statements is NOT true?
A)In recent years there have been many cases of financial statement fraud.
B)Proactive fraud detection methods are in their infancy.
C)Accounting anomalies represent fraud and normally result in legal action being taken.
D)Fraud investigation involves determining who committed the fraud,the schemes used and how much money or assets were taken.

Question

Quizplus · Accepted Answer

Not all accounting anomalies represent fraud, as there could be legitimate explanations for unusual financial activity. Therefore, it is not always the case that legal action is taken in response to accounting anomalies.

Which of the Following Statements Is NOT True