Which of the following is a true statement regarding financial statement fraud?
A) Financial statement frauds usually involve the theft of assets.
B) Financial statement frauds are usually detected by independent auditors.
C) Financial statement frauds are usually not costly to organizations.
D) Financial statement frauds are usually committed by the top management of the company.

Question

Quizplus · Accepted Answer

A: No assets are ever stolen
B: Unlikely to be detected by auditors
C: Severe consequences were usually associated with companies who committed financial statement fraud; nearly 40% filed for bankruptcy
D: Correct

Which of the Following Is a True Statement Regarding Financial