Question $24$ In $1999,$ COSO released a report analyzing fraudulent financial reporting of $200$ companies investigated by the SEC during the period $1987-1997.$ Which of the following was not listed as one of the most common financial statement frauds: Overstatement of earnings Overstatement of allowances for accounts receivables Understatement of expenses All of these statements were listed in the COSO report as the most common financial statemer frauds. Overstatement of property values and creation of fictitious assets Overstatement of assets Fictitious earnings Overstatements of inventory by not writing down the value of obsolete goods