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Forensic Accounting, Forensic Techniques, and Fraud Detection Copyrighted 2001 D. Larry Crumbley, ... - page 201 / 352

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© D.L. Crumbley

Types of Financial Statement Fraud Schemes (contd …)

4.

Fictitious Assets and/or Reductions of Expenses/Liabilities (e.g., recording consigned inventory as inventory). Cendant Corporation created fictitious revenues, and Knowledge Ware inflated revenues with phony software sales.

5.

Overvalued Assets or Undervalued Expenses/Liabilities (e.g., insufficient allowance for bad debts).

6.

Omitted or Undervalued Liabilities (e.g., understated pension expenses).

7.

Omitted or Improper Disclosures (e.g., stock option expense estimates).

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