Question

Which of the following is a reason that a chief executive officer might commit financial statement fraud?a. To receive or increase a performance bonusb. To avoid termination due to poor performancec. To conceal the company's true performanced. All of the above

Answer 1

d. All of the above

To be granted or have a performance bonus increased.

To prevent being let go for performing poorly.

To keep the company's actual performance a secret.

What is financial statement fraud?

Asset misappropriation, financial and non-financial reporting, regulatory compliance areas, and illegal conduct should all be covered in the fraud risk assessment.

One of the most typical methods used to commit financial statement fraud is the recording of false revenues. Due to their understanding of accounting and unrestricted access to accounts, the controller or chief financial officer (CFO) of a corporation is frequently the perpetrator of financial statement fraud.

By purposefully making false assertions, fraudsters may be after either monetary or non-monetary assets. Fraudulent conduct could include, for instance, knowingly lying about one's age to gain a driver's license, criminal past to get a job, or income to get a loan.

To learn more about financial statement fraud refer to:

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