| Abstract [eng] |
The risk of financial fraud in nowadays-growing markets increase rapidly due to technological changes and business environment complexity, thus detection of fraudulent financial statements becomes important as well as challenging issue. However, even though fraudulent activities are growing within growth of technologies, financial fraud risk assessment is still limited as financial data analysis is not considering the non-financial aspects. The lack of methods, which would identify fraud risk by evaluating non-financial data, creates a gap between the needs of nowadays business environment and risk assessment methods used. As the object of the thesis is financial fraud risk assessment, the aim is to determine a method able to identify the risk of financial fraud taking both financial and non-financial data into consideration. In pursuance of such method determination, the summary of literature review and empirical research analysis is performed in accordance to the related topic. Based on the literature review, the evaluation of chosen milk producers companies worldwide fraud risk indications is performed. The analysis includes the analyses of the following: 1) literature review, 2) 48 sets of fraudulent financial statements analytical review and analysis, 3) non financial information analyses by using secondary sources of information obtained from journal articles, textbooks, internet and other social media sources. The result has shown that traditional methods of financial statements fraud do not fully evaluates the potential risk of fraud, thus not only financial, but also non financial information has to be combined into assessment model. 12 different financial and non financial information ratios were investigated during the assessment model, which showed that ratios can be used as indication of risk level measure of financial fraud; however, each ratio has to be considered as a “red flag”, but not as a fact of fraud. Finally, it was found out that non financial information integration into fraudulent financial reporting risk assessment model adds value to evaluation of fraud risk as quality of information used is wider and increase the possibility to test the compliance of information. |
