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Forensic Accounting, Forensic Techniques, and Fraud Detection Copyrighted 2001 D. Larry Crumbley, ... - page 55 / 352

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© D.L. Crumbley

Superseded SAS No. 82 Accounting Fraud Referred To As “Misstatement”

Misstatements arising from fraudulent financial reporting are intentional misstatements or omissions of amounts or disclosures in financial statements to deceive financial statement users.

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Three most important red flags according to external/internal auditors (out of 25):

Known history of securities law violations (14.6%)

Significant compensation tied to aggressive accounting practices (12.9%)

Management’s failure to display appropriate attitude about internal controls (12.6%)

Source: B.A Apostolou et.al, “The Relative Importance of Management Risk Factors,” Behavioral Research in Accounting, January 1, 2001, pp. 1-24.

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