. The study done by the Committee of Sponsoring Organizations (COSO) on financial statement frauds that occurred during the period from 1987-1997 had many key findings. Which of the following is NOT one among them? a. Frauds were most commonly perpetrated by improper revenue recognition, overstatement of assets, and understatement of expenses. b. Most of these firms had audit committees that met at least four times a year. c. Severe consequences were associated with companies who committed financial statement fraud. d. Most companies were experiencing net losses or were just holding break-even positions in periods prior to the fraud.

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