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2019, № 81

UDC: 657.6
GSNTI: 06.81.85

Reliability and misstatement of financial information: difficulties of identification and verification

The article presents an overview of the key problems of relevant financial information’s issue in the Russian accounting framework. The prerequisites of "quasi-accountant" professional judgment in the reports’ formation, existing in the provisions on accounting, are determined. The results of a comparative analysis of the concept of fair presentation inherent in accounting statements and the concept of compliance applicable to tax and statistical reporting are presented. On the basis of the review of the essence and classification signs of substandard financial information, a refined classification of distortions is proposed, which allows them to be reliably verified and more accurately understand the prerequisites for their occurrence. Special attention is paid to the types of fraud. The category "manipulation of financial information" is introduced as a distortion on the verge of error and fraud. The determining role of the proper organization of internal control systems in order to prevent material misstatement has been proved. The signs of operational inefficiency of the applied controls and their influence on the prerequisites for the formation of quality financial information were verified.
Keywords: Qualitative features of financial statements, reliability, truthfulness, misrepresentations, fraud, manipulation of accounting data, internal control procedures
DOI: 10.21515/1999-1703-81-56-68

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Authors:

1. Petukh Aleksei Vladimirovich, Phd in Economics, associate professor; Department of Audit, Federal State Budgetary Educational Institution of Higher Education “I.T. Trubilin Kuban State Agrarian University”.
2. Shvyreva Olga Ivanovna, Phd in Economics, professor; Department of Audit, Federal State Budgetary Educational Institution of Higher Education “I.T. Trubilin Kuban State Agrarian University”.