The Committee of Sponsoring Organizations of the Treadway Committee (COSO)

Multiple Choice

The Committee of Sponsoring Organizations of the Treadway Committee (COSO) analyzed the financial reporting of public companies during the 1998-2007 periods when business failures due to accounting fraud were high and found that:

A) Top management was frequently involved in the fraud with the CEO and/or CFO being the most frequently involved
B) The most common fraud technique involved understating expenses
C) The audit committee always sanctioned the fraud
D) A minority of audit reports issued during the fraud period contained unqualified audit opinions