Which of the following is an accurate statement regarding the misappropriation of assets?
◦ In most cases, the amounts involved are material to the financial statements.
◦ Misappropriation of assets can easily increase in size over time and can lead to significant reputational harm.
◦ Management should not be concerned about minor misappropriations.
◦ Asset misappropriation schemes are less common than fraudulent financial statement schemes.