Question: A 2010 study on fraudulent financial reporting by COSO notes

A 2010 study on fraudulent financial reporting by COSO notes the many ways in which long-lived assets can be fraudulently overstated, including:
Fictitious assets on the books (WorldCom)
Improper and incomplete depreciation (Waste Management)
Failure to record impairment of assets, especially goodwill (Sun Microsystems)
Expired or worthless assets left on a company's books (Millacron)
Assets overvalued upon acquisition, especially in the purchase of a company (WorldCom) What substantive audit procedures might have detected these frauds?


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  • CreatedSeptember 22, 2014
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