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Regular version of the site

Student
Title
Supervisor
Faculty
Educational Programme
Final Grade
Year of Graduation
Natalia Feruleva
Audit of Financial Statement Fraud
Finance
(Master’s programme)
2016
The aim of the thesis is to develop informational-methodic support of audit of financial statement fraud and to test it on Russian companies’ data. To achieve the objectives in the first chapter with the help of the comparative method financial statement fraud was defined as a type of corporate fraud. Employing deduction and induction we managed to summarize macro level, meso-level and micro-level factors, influencing the financial statement fraud risk, set the direction for the development of information and methodical support of financial statement fraud audit, identify the possibility of mathematical methods application at the pre-negotiation stage and the phase of gathering audit evidence.

In the second chapter to define and systematize the aims and the objectives of financial statement fraud audit we use morphological method. Moreover, applying universal scientific research methods we succeeded in compiling legal and regulatory information and information of the audited entity. The work also presents tests which enable auditor to assess inherent risk, reliability of the internal control system, risks connected with external environment; the audit plan and the fragment of the audit program including auditing procedures.

In the third chapter we tested the auditing procedures on data of Russian company «Havar». Employing the comparative method, we also identified the possibilities of using Beneish and Roxas models to assess the risk of financial statements fraud in Russia. It was revealed that the quality of the models’ predictions does not exceed 70% even when calculating the thresholds for cumulative index on Russian companies’ data. Furthermore, taking into consideration the particular accounting policies of Russian companies and reporting practice, we developed and tested on 62 Russian companies author's binary choice model which can help auditors to assess risk of financial statement fraud.

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