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

Summary/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.

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