Does fraud still exist in financial reporting? A financial reporter recently suggested that over 90% of all companies prepare statements that are in accordance with Generally Accepted Accounting Principles (GAAP). If this statement is true and the assumptions are correct, why is there concern that financial statements may still contain fraudulent information? Can financial information be reported according to GAAP and still be fraudulent?

Answer rating: 100% (QA)

Answer Generally a company present their financial information in accordance with Generally Accepted Accounting Principles GAAP GAAP follows the conse... View the full answer