Article Sidebar

Download
Full text PDF
Statistic
Read Counter : 246 Download : 249

Downloads

Download data is not yet available.

Main Article Content

Abstract

This study investigates the impact of fraud hexagons on financial statement fraud in property and real estate sector companies listed on the Indonesian stock exchange before and after the covid-19 outbreak. The study's sample size was 168 data points. To evaluate the hypothesis, the data analysis approach employs logistic regression, as well as sample paired t-tests and the McNemar test. The findings revealed that financial statement fraud was influenced by pressure, rationalization, and capability. Meanwhile, chance, arrogance, and collaboration have little effect on financial statement fraud. The disparity in values between before and during the covid-19 epidemic had a substantial impact on financial stability. Other factors, on the other hand, indicate no significant differences in value when comparing before and after the Covid-19 epidemic. This study has consequences for stakeholders, the government, and the general public in terms of being aware of the likelihood of fraud when a phenomenon such as the covid-19 epidemic occurs.

Keywords

Covid-19 Fraud auditing fraud hexagon fraudelent financial statement

Article Details

Creative Commons License

This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.

How to Cite
Nur Triyanto, D., Aulia Nur Fajri, M., & Wahyuni, D. (2023). How is financial reporting fraud with the fraud hexagon approach before and during Covid-19 pandemic?. Journal of Contemporary Accounting, 5(2), 97–114. https://doi.org/10.20885/jca.vol5.iss2.art4
Download Citation
Endnote/Zotero/Mendeley (RIS)
BibTeX

References

  1. ACFE. (2018). Report to The Nation: 2018 global study on occupational fraud and abuse. Retrieved from https://s3-us-west-2.amazonaws.com/acfepublic/2018-report-to-the-nations.pdf
  2. ACFE. (2020). Report to the Nations: 2020 global study on occupational fraud and abuse. Retrieved from https://acfepublic.s3-us-west-2.amazonaws.com/2020-Report-to-the-Nations.pdf
  3. Afiah, E. T., & Aulia, V. (2020). Financial stability, financial targets, effective monitoring dan rationalization dan kecurangan laporan keuangan. Jurnal Revenue: Jurnal Ilmiah Akuntansi, 1(1), 90–100. https://doi.org/10.46306/rev.v1i1.9
  4. Aiman, A. M., Nooriani, T. I. T., & Maznorbalia, A. S. (2022). The relationship between perceived pressure, perceived opportunity, perceived rationalization and fraud tendency among employees: A study from the people’s trust in Malaysia. Studies in Business and Economics, 17(17), 23–43. https://doi.org/10.2478/sbe-2022-0023
  5. Amirah, N., Azhari, N., Hasnan, S., & Sanusi, Z. M. (2020). The relationships between managerial overconfidence, audit committee, CEO duality and audit quality and accounting misstatements. International Journal of Financial Research, 11(3), 18–30. https://doi.org/10.5430/ijfr.v11n3p18
  6. Aprilia, R., Syarifuddin., & Haerial. (2022). Analisis kecurangan laporan keuangan melalui fraud hexagon. Akrual: Jurnal Business dan Akuntansi Kontemporer, 15(2), 143-151.
  7. Aprilia, S. R. N. A., & Furqani, A. (2021). Deteksi kecurangan laporan keuangan dengan metode fraud diamond pada perusahaan jasa. Journal of Accounting and Financial Issue (JAFIS), 2(2), 1–11. https://doi.org/10.24929/jafis.v2i2.1661
  8. Aviantara, R. (2023). Scoring the financial distress and the financial statement fraud of Garuda Indonesia with «DDCC» as the financial solutions. Journal of Modelling in Management, 18(1), 1–16. https://doi.org/10.1108/JM2-01-2020-0017
  9. Bawekes, H. F., Simanjuntak, A. M., & Christina Daat, S. (2018). Pengujian teori fraud pentagon terhadap fraudulent financial reporting (studi empiris pada perusahaan yang terdaftar di bursa efek Indonesia tahun 2011-2015). Jurnal Akuntansi & Keuangan Daerah, 13(1).
  10. Beneish, M. D. (1999). The detection of earnings manipulation. Financial Analysts Journal, 55(5), 24–36. https://doi.org/10.2469/faj.v55.n5.2296
  11. Beneish, M. D., Lee, C. M., Craig Nichols, D., Hribar, P., Salamon, J., Trzincka, C., Bhojraj, S., Givoly, D., Lakonishok, J., Lang, M., Leone, A., Morton, R., Swaminathan, B., von Hippel, P., Yehuda, N., & Zhang, X. (2012). Fraud detection and expected returns. http://ssrn.com/abstract=1998387Electroniccopyavailableat:https://ssrn.com/abstract=1998387Electroniccopyavailableat:http://ssrn.com/abstract=1998387
  12. Bujaki, M., Lento, C., & Sayed, N. (2019). Utilizing professional accounting concepts to understand and respond to academic dishonesty in accounting programs. Journal of Accounting Education, 47, 28–47. https://doi.org/10.1016/j.jaccedu.2019.01.001
  13. Chaney, P. K., Faccio, M., & Parsley, D. (2011). The quality of accounting information in politically connected firms. Journal of Accounting and Economics, 51(1–2), 58–76. https://doi.org/10.1016/j.jacceco.2010.07.003
  14. Christian, N., & Visakha, B. (2021). Analisis teori fraud pentagon dalam mendeteksi fraud pada laporan keuangan perusahaan yang terdaftar di bursa efek Indonesia. CoMBInES - Conference on Management, Business, Innovation, Education and Social Sciences, 1(1), 1325–1342.
  15. Christian, N., Basri, Y. Z., & Arafah, W. (2019). Analysis of fraud triangle, fraud diamond and fraud pentagon theory to detecting corporate fraud in Indonesia. The International Journal of Business Management and Technology, 3(4), 73–78.
  16. Coordinating Ministry for Economic Affairs of the Republic of Indonesia. (2022). Menko Airlangga: Inovasi dan Kreativitas Industri Properti untuk Hasilkan Produk Berkualitas, Berkelanjutan, dan Bertanggung Jawab. Retrieved from https://ekon.go.id/publikasi/detail/4514/menko-airlangga-inovasi-dan-kreativitas-industri-properti-untuk-hasilkan-produk-berkualitas-berkelanjutan-dan-bertanggung-jawab
  17. Core, J. E., Holthausen, R. W., & Larcker, D. F. (1999). Corporate governance, chief executive officer compensation, and firm performance. Journal of Financial Economics, 51(3), 371-406. https://doi.org/10.1016/S0304-405X(98)00058-0
  18. Cressey, D. R. (1953). Other people’s money: a study of the social psychology of embezzlement. New York: Freepress.
  19. Crowe, H. (2011). Why the fraud triangle is no longer enough. Horwath, Crowe LLP.
  20. Dellaportas, S. (2013). Conversations with inmate accountants: Motivation, opportunity and the fraud triangle. Accounting Forum, 37(1), 29–39. https://doi.org/10.1016/j.accfor.2012.09.003
  21. Dewi, K., & Anisykurlillah, I. (2021). Analysis of the effect of fraud pentagon factors on fraudulent financial statement with audit committee as moderating variable. Accounting Analysis Journal, 10(1), 39-46. https://doi.org/10.15294/aaj.v10i1.44520
  22. Dimitrijevic, D., Jovkovic, B., & Milutinovic, S. (2020). The scope and limitations of external audit in detecting frauds in company’s operations. Journal of Financial Crime, 28(3), 632–646. https://doi.org/10.1108/JFC-11-2019-0155
  23. Evana, E., Metalia, M., Mirfazli, E., Georgieva, D.V., & Sastrodiharjo, I. (2019). Business ethics in providing financial statements: The testing of fraud pentagon theory on the manufacturing sector in Indonesia. Business Ethics and Leadership, 3(3), 68-77. http://doi.org/10.21272/bel.3(3).68-77.2019.
  24. Faradiza, S. A. (2019). Fraud pentagon dan kecurangan laporan keuangan. EkBis: Jurnal Ekonomi dan Bisnis, 2(1), 1-22. https://doi.org/10.14421/ekbis.2018.2.1.1060
  25. Felicia, C., & Tanusdjaja, H. (2020). Pengaruh faktor-faktor tertentu terhadap fraudulent financial statement pada perusahaan manufaktur yang terdaftar di bursa efek Indonesia tahun 2016-2018. Jurnal Paradigma Akuntansi, 2(4), 1745. https://doi.org/10.24912/jpa.v2i4.9370
  26. Hendrianto, S., Dara, N., & Masturo, M. (2023). Pengaruh fraud pentagon terhadap financial statement fraud. Journal on Education, 5(4), 15546-15558. https://doi.org/10.31004/joe.v5i4.2655
  27. Herawati, N. (2017). Accounting and finance review the comparison of two data mining method to detect financial fraud in Indonesia. Accounting and Finance Review. 2(1), 1-8.
  28. Himawan, F. A., & Karjono, A. (2019). Analisis pengaruh financial stability, ineffective monitoring dan rationalization terhadap integritas laporan keuangan dalam perspektif fraud trianglepada perusahaan manufaktur yang terdapat di bursa efek Indonesia periode 2012-2016. ESENSI: Jurnal Manajemen Bisnis, 22(2), 162–188.
  29. Ijudien, D. (2018). Pengaruh stabilitas keuangan, kondisi industri, dan tekanan eksternal terhadap kecurangan laporan keuangan. Jurnal Kajian Akuntansi, 2(1), 82. https://doi.org/10.33603/jka.v2i1.1247
  30. Isalati, N. S., Azis, M. T., & Hadiwibowo, I. (2023). Deteksi faktor yang mempengaruhi kecurangan laporan keuangan dengan fraud hexagon. Akuntansi Dewantara, 7(1), 11–30. https://doi.org/10.26460/ad.v7i1.13203
  31. Jensen, M. C., & Meckling, W. H. (1976). Theory of the firm: Managerial behavior, agency cost, and ownership structure. Journal of Financial Economics, 3(4), 305-360. https://doi.org/10.1016/0304-405X(76)90026-X
  32. Karpoff, J. M. (2021). The future of financial fraud. Journal of Corporate Finance, 66. https://doi.org/10.1016/j.jcorpfin.2020.101694
  33. Kartikawati, T. S., Mahyus, M., & Zulfikar, Z. (2020). Pengaruh fraud pentagon dalam mendeteksi fraudulent financial reporting dengan menggunakan beneish model. Jurnal Ekonomi dan Sosial, 16(1), 20–36.
  34. Kayoi, S. A., & Fuad. (2019). Faktor-faktor yang mempengaruhi financial statement fraud ditinjau dari fraud triangle pada perusahaan manufaktur di bursa efek Indonesia periode 2015-2017. Diponegoro Journal of Accounting, 8(4), 1–13.
  35. Khairunnisa, B. R., & Setiawati, E. (2022, April). Fraud pentagon dalam mendeteksi financial statement fraud pada perusahaan manufaktur sektor industri barang konsumsi yang terdapat di bursa efek Indonesia Tahun 2018-2020. In Seminar Nasional Pariwisata dan Kewirausahaan (SNPK), 452-463.
  36. Komang, N., Yulistyawati, A., Suardikha, I. M. S., & Sudana, I. P. (2019). The analysis of the factor that causes fraudulent financial reporting with fraud diamond. Jurnal Akuntansi dan Auditing Indonesia, 23(1), 1–10.
  37. Kusumosari, L., & Solikhah, B. (2021). Analisis kecurangan laporan keuangan melalui fraud hexagon theory. Fair Value: Jurnal Ilmiah Akuntansi dan Keuangan, 4(3), 753–767. https://doi.org/10.32670/fairvalue.v4i3.735
  38. Larum, K., Zuhroh, D., & Subiyantoro, E. (2021). Anti fraud dan whistleblowing intention: Peran intensitas moral dan pengambilan keputusan etis. AFRE (Accounting and Financial Review), 4(1), 95–106. https://doi.org/10.26905/afr.v4i1.5957
  39. Lederman, L. (2021). The fraud triangle and tax evasion. Articles by Maurer Faculty. 2968. Retrieved from https://www.repository.law.indiana.edu/facpub/2968
  40. Maccarthy, J. (2017). Using altman Z-score and Beneish M-score models to detect financial fraud and corporate failure: A case study of Enron Corporation. International Journal of Finance and Accounting, 6(6), 159–166. https://doi.org/10.5923/j.ijfa.20170606.01
  41. Maharani, I. A. S., & Putra, I. M. P. D. (2022). Reaksi pasar terhadap penerapan kebijakan pembatasan sosial berskala besar tahap I perusahaan sektor kesehatan BEI. E-Jurnal Akuntansi, 32(4), 1069. https://doi.org/10.24843/eja.2022.v32.i04.p18
  42. Mintara, M. B. M., & Hapsari, A. N. S. (2021). pendeteksian kecurangan pelaporan keuangan melalui fraud pentagon framework. Perspektif Akuntansi, 4(1), 35–58. https://doi.org/10.24246/persi.v4i1.p35-58
  43. Mukaromah, I., & Budiwitjaksono, G. S. (2021). Fraud hexagon theory dalam mendeteksi kecurangan laporan keuangan pada perbankan yang terdaftar di bursa efek Indonesia tahun 2015-2019. Jurnal Ilmiah Komputerisasi Akuntansi, 14(1), 61–72.
  44. Nadziliyah, H., & Primasari, N. S. (2022). Analisis fraud hexagon terhadap financial statement fraud pada perusahaan sektor infrastruktur, utilitas, dan transportasi. Accounting and Finance Studies, 2(1), 21-39. https://doi.org/10.47153/afs21.2702022
  45. Narsa, N. P. D. R. H., Afifa, L. M. E., & Wardhaningrum, O. A. (2023). Fraud triangle and earnings management based on the modified M-score: A study on manufacturing company in Indonesia. Heliyon, 9(2), e13649. https://doi.org/10.1016/j.heliyon.2023.e13649
  46. Nugroho, D., & Diyanty, V. (2022). Hexagon fraud in fraudelent financial statements: The moderating role of audit committee. Jurnal Akuntansi dan Keuangan Indonesia, 19(1), 46–67. https://doi.org/10.21002/jaki.2022.03
  47. Nurardi, D. S., & Wijayanti, R. (2021). Determinan financial statement fraud dengan analisis fraud hexagon model (studi empiris pada perusahaan sektor LQ45 yang terdaftar di bursa efek Indonesia periode II Agustus-Januari 2016-2019). The 13th University Research Colloqium 2021, 2019(3), 430–441.
  48. Nurchoirunanisa, N., Nuraina, E., & Styaningrum, F. (2020). Deteksi financial statement fraud dengan menggunakan fraud pentagon theory pada perusahaan BUMN yang terdaftar di BEI. Review of Accounting and Business, 1(1), 1-17.
  49. Octani, J., Dwiharyadi, A., & Djefris, D. (2021). Analisis pengaruh fraud hexagon terhadap fraudulent financial reporting pada perusahaan sektor keuangan yang terdaftar di bursa efek Indonesia Selama Tahun 2017-2020. Jabei, 1(1), 36–49.
  50. Omukaga, K. O. (2021). Is the fraud diamond perspective valid in Kenya? Journal of Financial Crime, 28(3), 810–840. https://doi.org/10.1108/JFC-11-2019-0141
  51. Pamungkas, I. D., Ghozali, I., & Achmad, T. (2018). A pilot study of corporate governance and accounting fraud: The fraud diamond model. Journal of Business and Retail Management Research, 12(2), 253–261. https://doi.org/10.24052/jbrmr/v12is02/apsocgaaftfdm
  52. Preicilia, C., Wahyudi, I., & Preicilia, A. (2022). Analisa kecurangan laporan keuangan dengan perspektif teori fraud hexagon. Fair Value: Jurnal Ilmiah Akuntansi dan Keuangan, 5(3), 1467–1479. https://doi.org/10.32670/fairvalue.v5i3.2476
  53. Putra, A. N., & Dinarjito, A. (2021). The effect of fraud pentagon and f-score model in detecting fraudulent financial reporting in Indonesia. Jurnal Ilmiah Akuntansi dan Bisnis, 16(2), 247. https://doi.org/10.24843/jiab.2021.v16.i02.p05
  54. Putra, W. M. (2019). Analysis of financial fraud using the fraud diamond model with corporate governance as the moderating variable. In 5th International Conference on Accounting and Finance (ICAF 2019) (pp. 163-169). Atlantis Press.
  55. PwC. (2022). Covid-19: The Potential of Increased Fraud and Economic Crime. Retrieved from https://www.pwc.com/gx/en/issues/crisis-solutions/covid-19/increased-fraud-economic-crime.html
  56. Ramírez-Orellana, A., Martínez-Romero, M. J., & Mariño-Garrido, T. (2017). Measuring fraud and earnings management by a case of study: Evidence from an international family business. European Journal of Family Business, 7(1-2), 41-53.
  57. Riskiani, H., & Yanto. (2020). Pengaruh financial stability, ukuran perusahaan, kondisi industriterhadap kecurangan pelaporan keuangan pada perusahaan yangbergerak dibidang keuangan yang terdaftar di BEI periode 2018-2019. Jurnal Rekognisi Akuntansi, 4(2), 101–116.
  58. Rizqi, A., & Purwanto, A. (2022). Pengaruh elemen-elemen fraud pentagon terhadap kecurangan pelaporan keuangan bumn listing di bursa efek Indonesia tahun 2016-2020. Diponegoro Journal of Accounting, 11(3), 1–14.
  59. Sabatian, Z., & Hutabarat, F. M. (2020). the Effect of fraud triangle in detecting financial statement fraud. Jurnal Akuntansi, 10(3), 231-244.
  60. Sabrina, O. Z., Fachruzzaman, F., Midiastuty, P. P., & Suranta, E. (2020). Pengaruh koneksitas organ corporate governance, ineffective monitoring dan manajemen laba terhadap fraudulent financial reporting. Jurnal Akuntansi, Keuangan, dan Manajemen, 1(2), 109-122.
  61. Sagala, S. G., & Siagian, V. (2021). Pengaruh fraud hexagon model terhadap fraudulent laporan keuangan pada perusahaan sub sektor makanan dan minuman yang terdaftar di BEI tahun 2016-2019. Jurnal Akuntansi, 13(2), 245–259. https://doi.org/10.28932/jam.v13i2.3956
  62. Sari, M. R., & Rofi, M. A. (2020). Faktor-faktor yang memotivasi kecurangan laporan keuangan. Journal of Management and Business Review, 17(1), 79–107. https://doi.org/10.34149/jmbr.v17i1.202
  63. Sari, S. P., & Nugroho, N. K. (2021). Financial statements fraud dengan pendekatan vousinas fraud hexagon model: tinjauan pada perusahaan terbuka di Indonesia. In Annual Conference of Ihtifaz: Islamic Economics, Finance, and Banking (pp. 409-430).
  64. Sasongko, N., & Wijayantika, S. fitriana. (2019). Faktor resiko fraud terhadap fraudlent financia reporting. Jurnal Riset Akuntansi dan Keuangan Indonesia, 4(1), 67–76.
  65. Setyono, D., Hariyanto, E., Wahyuni, S., & Pratama, B. C. (2023). Penggunaan fraud hexagon dalam mendeteksi kecurangan laporan keuangan. Owner: Riset dan Jurnal Akuntansi, 7(2), 1036–1048.
  66. Situngkir, N. C., & Triyanto, D. N. (2020). Detecting fraudulent financial reporting using fraud score model and fraud pentagon theory: Empirical study of companies listed in the LQ 45 index. The Indonesian Journal of Accounting Research, 23(03), 373–410. https://doi.org/10.33312/ijar.486
  67. Skousen, C. J., Smith, K. R., & Wright, C. J. (2009). Detecting and predicting financial statement fraud: The effectiveness of the fraud triangle and SAS No. 99. In M. Hirschey, K. John, & A. K. Makhija (Eds.), Corporate Governance and Firm Performance, 13, 53–81. https://doi.org/10.1108/S1569-3732(2009)0000013005
  68. Smith, K. J., Emerson, D. J., & Mauldin, S. (2021). Online cheating at the intersection of the dark triad and fraud diamond. Journal of Accounting Education, 57, 100753. https://doi.org/10.1016/j.jaccedu.2021.100753
  69. Sujeewa, G. M. M., Yajid, M. S. A., Khatibi, A., Azam, S. M. F., & Dharmaratne, I. (2018). The new fraud triangle theory - integrating ethical values of employees. International Journal of Business, Economics and Law, 16(5), 52–57.
  70. Suryani, E., & Fajri, R. R. (2022). Fraud triangle perspective: Artificial neural network used in fraud analysis. Quality-Access to Success, 23(188), 154–162. https://doi.org/10.47750/QAS/23.188.22
  71. Suryawan, K. Y., & Budiasih, I. G. A. N. (2021). Financial stability dan misstatement laporan keuangan dengan opportunity fraud sebagai variabel moderating. E-Jurnal Akuntansi, 31(9), 2182. https://doi.org/10.24843/eja.2021.v31.i09.p03
  72. Tanuwijaya, V., Hiong, L. S., Louw, F., & Indah, N. (2022). Studi teori fraud hexagon terhadap fraudulent financial statement pada perusahaan yang tergabung dalam indeks Kompas100 di bursa efek indonesia. Jurnal Maneksi, 11(2), 483-489.
  73. Tiapandewi, N. K. Y., Suryandari, N. N. A., & Susandya, A. P. G. B. A. (2020). Dampak fraud triangle dan komite audit terhadap kecurangan laporan keuangan. Kumpulan Hasil Riset Mahasiswa Akuntansi (KHARISMA), 2(2).
  74. Triyanto, D. N. (2019). Detection of financial reporting fraud: The case of socially responsible firms. Journal of Economics, 22(3), 399–410. https://doi.org/10.14414/jebav.v22i3.1792
  75. Utamaningsi, L. (2020). Perusahaan keluarga, koneksi politik & kinerja perusahaan. Jurnal Ilmiah Universitas Batanghari Jambi, 20(1), 68. https://doi.org/10.33087/jiubj.v20i1.840
  76. Vousinas, G. L. (2019). Advancing theory of fraud: The S.C.O.R.E. model. Journal of Financial Crime, 26(1), 372–381. https://doi.org/10.1108/JFC-12-2017-0128
  77. Wang, B., Li, Y., Xuan, W., & Wang, Y. (2022). Internal control, political connection, and executive corruption. Emerging Markets Finance and Trade, 58(2), 311–328. https://doi.org/10.1080/1540496X.2021.1952069
  78. Widyatama, W., & Setiawati, L. W. (2020). Analisis pengaruh fraud pentagon theory terhadap fraudulent financial reporting pada perusahaan perbankan yang terdaftar di bursa efek indonesia periode 2014–2019. BALANCE: Jurnal Akuntansi, Auditing dan Keuangan, 17(1), 22-47.
  79. Wolfe, D. T., & Hermanson, D. R. (2004). The Fraud Diamond: Considering the Four Elements of Fraud. The CPA Journal, 74(12), 38–42. Retrieved from https://www.scopus.com/inward/record.uri?eid=2-s2.0-79961067941&partnerID=40&md5=193f856e1832b74b2282b652e55e54e0