I currently own 1993 Audi 100 CS Quattro 2.8L V6. It's check engine light is on and the Flashing Code 2242 talks about “CO Fuel Trim Potentiometer (G74)”. Would some point me in the right direction to correct this?

Audi 1993

 

located next to the Maf.
G70 and G74 are in the same unit.
Try cleaning the whole thing with some spray from local Auto Part Shop. Something like electronics cleaner, or Maf cleaner. See if this will fix it.

I am not sure how it works, not in the mood to translate some German at this hour.
Its a sensor of some sorts, that screws with the Maf Signal.
umm,
Zur erhohung der Me Bgenauigkeit wird der Spannungsabfall in der Masseleitung dses G 74 gemessen. Das CO-Potenntiometersignal wird um diesen Spannungswert (referenzspannung) und mit der Bordspannung korrigiert.

Its a voltage reference for the maf, thats what I think it is.
Keine Ersatzfunktion. Bei ausfall des signals lauft der motor ohne gemischkorrektur. Ein ausgleich ist uber die Lambda regelung moglich.

hmm, so I was in the mood to translate some German
anyways, clean it, see what it does.