Český finanční a účetní časopis 2006(4):50-55 | DOI: 10.18267/j.cfuc.194

Fisk of Fraud in Small and Medium Enterprises

Libuše Müllerová
Prof. Ing. Libuše Müllerová, CSc. - profesorka; Katedra finančního účetnictví a auditingu, Fakulta financí a účetnictví, Vysoká škola ekonomická v Praze, nám. W. Churchilla 4, 130 67 Praha 3; <muller@vse.cz>.

The article is dealing with the issue of fraud and the circumstances of its commitment in SME. It mentions possible ways of fraud, which concern either stealing of the assets or fraudulent presentation of the financial statement. The former can be done mainly by employees, the latter mostly by management or owners. The fraud can be also committed by both groups with help of third parties. The fraud can be identified by general indicators of firm's culture or by specific indicators monitoring the condition or opportunities for a fraud. The consequences of a fraud can get manifested in a financial loss or in the other forms of losses. The risks of fraud can be lowered down by support of ethical principles in the firm, by implementation of internal control system and the delegation of competences and responsibility within the firm.

Keywords: Fisk of Fraud; Stealing of the Assets; Fraudulent Presentation.
JEL classification: M41

Published: December 1, 2006  Show citation

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Müllerová, L. (2006). Fisk of Fraud in Small and Medium Enterprises. Czech Financial and Accounting Journal, 2006(4), 50-55. doi: 10.18267/j.cfuc.194
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    References

    1. FEE (2005a): How SMEs Can Reduce the Risk of Fraud. [on-line], Brussels, Fédération des Experts Comptables Européens, c2005, [cit. 10. 10. 2006], <http://www.fee.be/publications/default.asp?library_ref=4&content_ref=524>.
    2. FEE (2005b): Guide for SMEs on How to Reduce the Risk of Fraud. [on-line], Brussels, Fédération des Experts Comptables Européens, c2005, [cit. 10. 10. 2006], <http://www.fee.be/publications/default.asp?library_ref=4&content_ref=520>.

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