d. Stockholders are the primary victims of financial statement fraud.
The main victims of financial statement fraud are stockholders because it is their money that is misrepresented or managed improperly.
Anyone who holds at least one share of a company's stock or unit in a mutual fund is referred to as a shareholder (stockholder). The firm is primarily owned by its shareholders, who also have specific rights and obligations. With this ownership structure, they can benefit from a company's success. These benefits take the shape of rising stock prices or dividend payments from financial gains. In contrast, when a corporation experiences a loss, the share price inevitably falls, which may result in financial losses for shareholders or portfolio reductions.
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