For this assignment, you are to select a financial statement fraud related to a publicly traded company. You may use the Internet to research and find a fraud example. Discuss a brief background on the financial statement fraud.

• Explain the five classifications of financial statement fraud and which category your chosen fraud might fit into (Fictitious Revenues, Timing Differences, Concealed Liabilities and Expenses, Improper Disclosures, and Improper Asset Valuation).
• Why might senior management overstate or understate business performance?
• How can financial statement fraud be deterred? Discuss at least three internal controls that could be in place to prevent financial statement fraud.
• Discuss the potential impact of the fraud you selected on the various stakeholders of the company.