Fraud guidance for corporate counsel reviewing financial statements and reports

Crawford, Rodney; Weirich, Thomas R.

doi:10.1108/13590791111173696

Cited by 20 publications

(11 citation statements)

References 1 publication

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“…Statement on Auditing Standards (SAS) No. 82 identified two categories of fraud as fraudulent financial reporting and misappropriation of assets (Crawford and Weirich 2011). Fraudulent financial reporting (management fraud) is where management seeks to inflate reported profits or other assets by overstating assets and revenues or understating expenses and liabilities in order to embellish the financial statements.…”

Section: Finding and Discussionmentioning

confidence: 99%

The Role of Audit Bureau in Eradicating Financial Corruption in Libya

Shariha

2014

JAMAL

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Abstrak: Peran Biro Audit dalam Memberantas Korupsi di Libya. Penelitian ini bertujuan untuk memahami peran anggota Biro Audit Pemerintah dalam pemberantasan korupsi keuangan di Libya, melalui langkah-langkah yang diperlukan dalam tugas audit serta semua perubahan yang mempengaruhi audit tersebut. Penelititan ini menggunakan metode deskriptif kualitatif melalui observasi partisipan dan wawancara pada enam informan. Hasil penelitian menunjukkan temuan bahwa terdapat kelemahan pemahaman fungsi auditor. Biro Audit Pemerintah belum memiliki sertifikat berstandar internasional untuk pengawasan, dan mengabaikan pemberian pelatihan yang diperlukan kepada para auditor untuk memenuhi kualifikasi mereka. Abstract: The Role of Audit Bureau in eradicating financial corruption in Libya. Auditing has become an important and integral function of the organization in achieving its goals and protecting its assets. This study aims to understand the role of members of the State Audit Bureau (SAB) in combating financial corruption in Libya, through the necessary steps in the task of auditing and the changes that affect them. This study employed a qualitative descriptive method through participant observation and interviews with six informants. The results showed that there were weaknesses in understanding auditor function. The SAB does not possess a certificate of international control standard and ignores the provision of the necessary training to auditors to fulfil qualification as auditors.

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Section: Finding and Discussionmentioning

confidence: 99%

The Role of Audit Bureau in Eradicating Financial Corruption in Libya

Shariha

2014

JAMAL

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“…Spathis, Doumpos and Zopounidis, 2002;Spathis, 2002). Misleading financial statements pose negative and significant consequences on the information user (Crawford and Weirich, 2011;Kirkos, Spathis, and Manolopoulos, 2007). Financial information fraudulence is defined as the deliberate misrepresentation of the firm's financial condition accomplished through the intentional misstatement or amounts omission or disclosures in the financial statements to deceive financial statement users.…”

Section: Financial Information Fraudulence Among Financial Distressed Companiesmentioning

confidence: 99%

Impact Of Financial Information Fraudulence To Financial Distress In Malaysia.

Bakar¹

2021

TURCOMAT

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We investigate if Malaysian listed companies engaged in financial information fraud during financial distressed after two years of US subprime mortgage crisis.We also investigate the impact of financial information fraudulence in bankruptcy prediction and misclassification errors. This study used consumer product companies listed on the main board and the timeframe is from 2011 till 2015. The Altman Z score indicates that 37 out of 133 Malaysian consumer product companies are financially distressed. Meanwhile, the M score shows that 28 out of 224observations are engaged in financial information fraudulence. However, these results are relatively low because the samples are taken from the main board and fraudulence in their financial statements might be done in lower magnitude in order to avoid sanctions by the Security Exchange Commission. Logistic regression was used to measure the predicting accuracy. The result of the overall accuracy percentage slightly improved by 0.9 after eliminating fraudulent companies. The confusion matrix result i.e. before and after the removal of financial information fraudulent companies, the misclassification errors especially type one has improved. This finding satisfied objective three, whereby one of the reasons for the deterioration in financial distress prediction is due to the upward bias of financial information fraudulence.Governments, monitoring bodies, and all those involved in an insolvency process would benefit from this study.

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“…Recording day-to-day transactions and operations of student organization is important in achieving proper internal control system. In pursuit of organizational goals in terms of accurate financial statements, successful and productive activities, administratorsand board of directors of companies have recourse to the establishment of internal control mechanisms to ensure effective performance Crawford (2011). It is assumed that properly structured and implemented internal control mechanisms would usually lead to improved financial reporting practices and credible report that enhances the transparency management role of an organization (Doyle, et al 2007).…”

Section: Awareness Of Designation and Function Of Officers And Advisementioning

confidence: 99%

Exploration of Financial Management Operation of Political and Non-Political Student Organization:a Basis for Propose Policy Development

Diaz¹,

Leon²,

Vitug³

et al. 2020

Preprint

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: A strong financialtransaction is an important factor in organizational triumph and sustainability, and it is elucidated in the revised student handbook of the University that can be found on page 96 rules 1 to 5. This study assessed the registered students organizations' profile in terms of its type, registration, years of establishment, functions, and designations of student leaders and advisers. The financial practices or internal control system manages their organizational finances and the problems encountered by the student organizations and eventually proposed a manual of operation for students and youth organization's internal control system. This research used the descriptive design with the aid of questionnaire; data gathering through quota sampling from 57 student leaders and advisers of different student organizations of NEUST. Findings showed that most organizations had their constitution and by-laws but kept only as files and renewal requirements. Some provisions were not known to the officers, mostly were registered more than five years in operation; however, in terms of functions of officers and advisers, the results showed that some functions were not done by the officers who supposed to do it like the auditors who serve as treasurers also, the PRO as the record keeper and the presidents who handled finances and collections and as well as disbursements of funds. Generally, the organizations' financial activities were deemed to be "good", especially budgeting and cash receipt, due to the implementation of "no collection and no tuition fee policy". The researchers concluded that the absence of the proper internal control systems and manual of operation and lack of proper transfer of financial records from the previous sets of officers were the serious problems that should be addressed. Moreover, the student organizations' internal control system could still be improved if there is proper training and supervision in accounting operation.

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Fraud guidance for corporate counsel reviewing financial statements and reports

Cited by 20 publications

References 1 publication

The Role of Audit Bureau in Eradicating Financial Corruption in Libya

The Role of Audit Bureau in Eradicating Financial Corruption in Libya

Impact Of Financial Information Fraudulence To Financial Distress In Malaysia.

Exploration of Financial Management Operation of Political and Non-Political Student Organization:a Basis for Propose Policy Development

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