A smart fraudster usually manipulates which financial record in order to better avoid an audit trail?
a. Income statement.
b. Balance sheet.
c. Statement of cash flows.
d. Statement of retained earnings.
a
FEEDBACK: a. Correct. Income statements report on activity only for a certain period. At the end of that period accounts are closed to zero, thus erasing the audit trail.
b. Incorrect. Balance sheets carry over numbers from period to period, making it harder to conceal fraud.
c. Incorrect. The statement of cash flows also carries over financial data from period to period, making it hard to conceal the fraud over the long term.
d. Incorrect.
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