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Perspectives on the Relevance of the Internal Control System in Combating and Investigating Frauds in Financial Reporting

Author

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  • Valentin BURCĂ

    (West University of Timișoara)

  • Nicolae BOBIȚAN

    (West University of Timișoara)

  • Diana DUMITRESCU

    (West University of Timișoara)

Abstract

This study addresses the issue of mechanisms and tools for combating and investigating fraud in financial reporting, in the context of an amplification of this phenomenon over the last decades. The aim of the paper is to highlight the importance of the internal control system in this area, by reference to the most widespread formal framework for the implementation of the internal control system, namely the COSO model. The analysis undertaken is limited to providing an overview of the main concerns of financial auditors in relation to internal controls in terms of the key audit issues revealed in the audit report over a period of five years. Through this analysis, we wish to draw attention to the limitations of the internal control system and the need for awareness of the ethical factor in decision-making.

Suggested Citation

  • Valentin BURCĂ & Nicolae BOBIȚAN & Diana DUMITRESCU, 2023. "Perspectives on the Relevance of the Internal Control System in Combating and Investigating Frauds in Financial Reporting," CECCAR Business Review, Body of Expert and Licensed Accountants of Romania (CECCAR), vol. 4(10), pages 33-41, October.
    • Handle: RePEc:ahd:journl:v:4:y:2023:i:10:p:33-41
    DOI: 10.37945/cbr.2023.10.04
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    More about this item

    Keywords

    internal control; COSO; fraud; decisions; ethics;
    All these keywords.

    JEL classification:

    • D21 - Microeconomics - - Production and Organizations - - - Firm Behavior: Theory
    • L21 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - Business Objectives of the Firm
    • M40 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Accounting - - - General
    • M41 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Accounting - - - Accounting
    • M42 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Accounting - - - Auditing

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