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2021, vol. 14, iss. 2, pp. 17-37
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Detection of fraud in financial reporting of small and medium entities in the field of manufacturing industry
Detekcija prevara u finansijskom izveštavanju kod malih i srednjih entiteta iz oblasti prerađivačke industrije
Abstract
The importance of forensic accounting has been growing in recent years, especially when it comes to small and medium enterprises (SMEs). These entities do not have sufficiently developed accounting functions, they do not invest enough in staff who are not consequently motivated to present certain items of financial statements in a precise manner and in accordance with accounting standards. This results in reporting errors. The other side of the coin are the manipulations that happen with the intention and goal of presenting better business than the real situation to banks and other stakeholders. In this research paper, Beneish's M-Score model with five variables (M5) was applied as a method of forensic accounting, in order to detect manipulations in SMEs from sector C-Manufacturing in Serbia. The sample includes 73 companies, and only for 3 of them the M (5) Score exceeded the reference value and indicated a high risk of manipulation. The situation is different when looking at model variables individually; however, the results of the Mann-Whitney test indicate that there is no statistically significant difference in the level of liquidity and profitability of a firm depending on whether an entity manipulated from the individual model variables point of view or not.
Sažetak
Značaj forenzičkog računovodstva raste u poslednjim godinama, pogotovo kada je reč o malim i srednjim preduzećima (MSP). Ovi entiteti nemaju dovoljno razvijene funkcije računovodstva, ne ulažu dovoljno u kadrove koji uzročno-posledično nisu motivisani da na precizan način i u skladu sa računovodstvenim standardima prikazuju pojedine pozicije finansijskih izveštaja. Samim tim, nastaju greške u izveštavanju. Druga strana medalje su manipulacije koje se dešavaju sa namerom i u cilju prezentovanja boljeg poslovanja od realnog stanja u bankama i drugim stejkholderima. U ovom istraživačkom radu primenjen je Beneish-ov M-Score model sa pet varijabli (M5), kao metoda forenzičkog računovodstva, radi detektovanja manipulacija kod M SP iz sektora C - Prerađivačka industrija u Republici Srbiji. Uzorak obuhvata 73 preduzeća, a svega kod 3 od njih je M (5) Score prekoračio referentnu vrednost i ukazao na visok rizik od manipulacija u izveštajima. Situacija je drugačija kada se posmatraju varijable modela pojedinačno; međutim, rezultati Mann-Whitney testa ukazuju na to da ne postoji statistički značajna razlika u nivou likvidnosti i profitabilnosti preduzeća u odnosu na to da li postoji visok rizik da je entitet manipulisao, posmatrano sa stanovišta pojedinih varijabli modela, ili ne.
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