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Combating Financial Statement Fraud – an Analysis and Model for the Republic of Bulgaria

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  • Iavor Bachev

Abstract

This paper presents a research performed on financial statement fraud in the Republic of Bulgaria. The results of the questionnaire used to collect information have helped prepare a model applicable to the country. The model considers the role of different stakeholders in the organization, namely management, internal audit, board/directors and external audit and parties in the outside environment in the face of government and supporting institutions. Moreover, the main issues that have been identified in regard to each party have been summarized and linked with potential solutions that can be implemented in practice. Namely: more independence of board members and audit function in organizations, limited non-audit services by external auditors, increasing the consequences from such fraud and leveraging the benefits of professional organizations.

Suggested Citation

  • Iavor Bachev, 2019. "Combating Financial Statement Fraud – an Analysis and Model for the Republic of Bulgaria," Economic Studies journal, Bulgarian Academy of Sciences - Economic Research Institute, issue 3, pages 42-71.
    • Handle: RePEc:bas:econst:y:2019:i:3:p:42-71
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    References listed on IDEAS

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    1. Hennie Boeije, 2002. "A Purposeful Approach to the Constant Comparative Method in the Analysis of Qualitative Interviews," Quality & Quantity: International Journal of Methodology, Springer, vol. 36(4), pages 391-409, November.
    2. Fernando Dal-Ri Murcia & José Alonso Borba, 2007. "Framework for Detecting Risk of Financial StatementFraud: Mapping the Fraudulent Environment," Brazilian Business Review, Fucape Business School, vol. 4(3), pages 162-177, September.
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    More about this item

    JEL classification:

    • G00 - Financial Economics - - General - - - General
    • G30 - Financial Economics - - Corporate Finance and Governance - - - General

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