THE EFFECT OF MISREPRESENTATION OF INFORMATION IN THE FINANCIAL STATEMENTS
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Abstract
Purpose – The purpose of this paper is to show the public, in general, and auditors, in particular, that in the absence of control there is always a risk of fraud. Fraud can be done in various forms. Larceny may be the most obvious case of fraud, but fraud may be done in many other ways too. Balance sheet fraud or financial statements fraud is a broader issue; it is far-fetched than a few hundred dollars of a larceny case. In financial statement fraud, the deep down effect may be millions or billions of dollars. Design/methodology/approach – The paper has been designed based on a fraud theory. The author has observed the implications of a possible fraud in a real audit case. The fraud theory has been tested through financial analysis and audit tests. The theory has then been revised and the existence of a financial statement fraud has been proven. Findings – The paper explores that banks and group companies controlled by unreliable owners can lead to misuse of public’s funds in accordance with the directives of the owner. Public’s money can be transferred to other group companies in an illegal manner – in excessive amounts – and never returned to the bank by means of applying different accounting fraud techniques. Research limitations/implications – Auditors, who may audit group companies that include a bank or banks with deposit receiving and lending rights, should pay attention to the transactions between the group’s bank and the other group companies. The lending may be excessive in amount and/or never paid back and the financial statements would be misrepresented covering various fraud schemes. Originality/value – The case that the paper deals with reflects the author’s own audit experiences. The names of the companies have been changed but not the essence of the events. From this perspective, it sheds light onto the path of an auditor who happens to be in a similar situation.
TABLE OF CONTENTS
Title page
Approval page
Dedication
Acknowledgements
Abstract
Table of contents
CHAPTER ONE
Introduction
1.1 Background of the Study
1.2 Statement of the Problem
1.3 Statement of the Objective
1.4 Research Questions
1.5 Research Hypotheses
1.6 Significant of the Study
1.7 Scope of the Study
1.8 Limitation of the Study
1.9 Definition of Terms
CHAPTER TWO
Review of Related Literature
2.1 Concept of Financial Misrepresentation of Fraud
2.2 Historical Development of Auditing
2.3 Reasons for Auditing Financial Statement
2.4 The Nature of Misrepresentation of Fraud
2.5 Financial Reporting
2.6 Objectives of Financial Reporting
2.7 Users of Financial Report
2.8 Financial Regulations
2.9 Unethical Practices and Its Effect in First Bank
2.10 Professional Ethics/Punishment for Offenders
2.11 Misrepresentation Identification and Presentation in Banks
2.12 Effect of Misrepresentation
2.13 Misrepresentation of Information in a Financial Statement
2.14 Factors That Lead To Misrepresentation of Information in a Financial Statement
2.15 Misrepresentation, a Tool for Liquidation, Insolvency and Failure in Banks and Organizational Operations
2.16 Ways to Reduce Misrepresentation Of Information In The Financial Statement
CHAPTER THREE
Research Methodology
3.1 Research Design
3.2 Method of Data Collection
3.3 Area of Study
3.4 Population of the Study
3.5 Sample and Sampling Techniques
3.6 Reliability of the Instrument
3.7 Validity of the Study Instrument
3.8 Method of Data Analysis
CHAPTER FOUR
Presentation and Analysis of Data
4.1 Presentation and Analysis of Questionnaire
4.2 Testing Of Hypotheses
CHAPTER FIVE
Summary of Findings, Conclusions and Recommendations
5.1 Summary of Findings
5.2 Conclusion from the Study
5.3 Recommendations
Bibliography
Appendix
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