FRAUD HEXAGON THEORY AND FRAUDULENT FINANCIAL STATEMENTS IN BASIC INDUSTRIAL AND CHEMICAL SECTOR COMPANIES LISTED ON THE IDX

M Mufti Fahrul  Rozi; Munari Munari

doi:10.53067/ije3.v4i1.249

Authors

M Mufti Fahrul Rozi Universitas Pembangunan Nasional “Veteran” Jawa Timur
Munari Munari Universitas Pembangunan Nasional “Veteran” Jawa Timur

DOI:

https://doi.org/10.53067/ije3.v4i1.249

Keywords:

Financial Statement, Fraud, Hexagon Fraud Theory

Abstract

Financial statement fraud (FSF) is the act of reporting inaccurate or distorted financial information to manipulate company performance or gain illegitimate personal gain. This research examines the influence of elements in the Hexagon Fraud on financial statement fraud. The analytical method used in this research is multiple linear analysis using purposive sampling technique to select the research sample. The sample for this research was 19 companies in the basic industrial and chemical sectors listed on the IDX from 2021 to 2022 with a 2-year observation period, totaling 38 sample companies. The results obtained are as follows: (X1) Financial stability as an element of Stimulus measurement in the fraud hexagon theory, (X2) frequent number of CEO Picture as an element of Ego measurement in the fraud hexagon theory, (X3) Change in auditor as an element of Rationalization measurement in the hexagon fraud theory, (X4) nature of industry as an element of Opportunity measurement in the hexagon fraud theory, (X5) change of directors as an element of Capability measurement in the fraud hexagon theory, and (X6) government projects as elements of Collusion measurement in the hexagon fraud theory. Simultaneously, they influence fraud in financial statements, while Stimulus, Ego, Rationalization, and Opportunity have no influence on financial statements. Capability and Collusion influence financial statement fraud

Downloads

Download data is not yet available.

References

ACFE. (2022). Fraud 101 What is Fraud. Fraud Resource Library. https://www.acfe.com/fraud-resources/fraud-101-what-is-fraud

Achmad, T., Ghozali, I., & Pamungkas, I. D. (2022). Hexagon Fraud: Detection of Fraudulent Financial Reporting in State-Owned Enterprises Indonesia. Economies, 10(1), 1–16. https://doi.org/https://doi.org/10.3390/economies10010013

AICPA. (2003). Fraud detection in a GAAS audit: SAS No. 99 implementation guide. American Institute of Certified Public Accountants, Inc., 168, 1–225. https://core.ac.uk/download/pdf/288061006.pdf

Association of Certified Fraud Examiners Indonesia. (2019). Survei Fraud Indonesia 2019. Indonesia Chapter #111, 53(9), 1–76. https://acfe-indonesia.or.id/survei-fraud-indonesia/

Beneish, M. D., Lee, C. M. C., & Nichols, D. C. (2018). Earnings Manipulation and Expected Returns. Financial Analysts Journal, 69(2), 57–82. https://doi.org/10.2469/faj.v69.n2.1

Chenkiani, P., & Prasetyo, A. (2023). Fraud dan monitoring dalam perspektif teori keagenan. Jurnal Akuntansi, 12(2), 171–180. https://doi.org/https://doi.org/10.46806/ja.v12i1.1016

Crowe, H. (2011). Why the Fraud Triangle is No Longer Enough. Sarbanes Oxley : Fraud : Risk Management. http://www.s-ox.com/dsp_getWebinarDetails.cfm?CID=2668

Dechow, P. M., Ge, W., Foster, M. G., Larson, C. R., Sloan, R. G., Balachandran, S., Chamberlain, S., Dichev, I., Jorgensen, B., Kinney, B., Marquardt, C., Pincus, M., & Shi, C. (2009). American Accounting Association meetings 2007, FARS 2008 meetings, and the University of NSW Ball and Brown Conference in Sydney. Conference. http://ssrn.com/abstract=997483

Dewi, C. K., & Yuliati, A. (2022). Pengaruh Fraud Hexagon Terhadap Kecurangan Laporan Keuangan (Studi Empiris Pada Perusahaan Makanan dan Minuman Yang Terdaftar di BEI). Jurnal Riset Terapan Akuntansi, 6(2), 115–128. https://jurnal.polsri.ac.id/index.php/jrtap/article/view/4645

Donald Ray Cressey. (1953). Other People’s Money: A Study in the Social Psychology of Embezzlement. Free Press.

Dung, N. N. K., & Tuan, D. A. (2019). No TitleThe Study of Audit Expectation Gap: The Auditor’s Responsibilities in a Financial Statement Audit in Vietnam. Asian Economic and Financial Review, 9(11). https://doi.org/https://doi.org/10.18488/journal.aefr.2019.911.1227.1254

Evana, Einde, Metalia, M., Mirfazli, E., Georgieva, D. V., & Sastrodiharjo, I. (2019). No TitleBusiness 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.

Faradiza, S. A. (2019). Fraud Pentagon Dan Kecurangan Laporan Keuangan. EkBis: Jurnal Ekonomi Dan Bisnis, 2(1), 1. https://doi.org/10.14421/ekbis.2018.2.1.1060

FASB. (2010). Conceptual Framework for Financial Reporting: Chapter 3 Qualitative Characteristics of Useful Financial Information. Financial Accounting Standards Board, September, 1–32. http://www.fasb.org/jsp/FASB/Page/PreCodSectionPage&cid=1176156317989

Ferry Sandria. (2021). Deretan Skandal Lapkeu di Pasar Saham RI, Indofarma-Hanson! CNBC Indonesia. https://www.cnbcindonesia.com/market/20210726191301-17-263827/deretan-skandal-lapkeu-di-pasar-saham-ri-indofarma-hanson

Fouziah, S., Suratno, S., & Djaddang, S. D. (2022). Relevansi Teori Fraud Hexagon dalam Mendeteksi Fraudulent Financial Statement Pada Perusahaan Sektor Perbankan. Substansi: Sumber Artikel Akuntansi Auditing Dan Keuangan Vokasi, 6(1), 59–77. https://doi.org/10.35837/subs.v6i1.1525

Fresty, A. M. (2019). Analisis Penerapan PSAK 01 tentang Penyajian Laporan Keuangan di Agen Sherlina Oriflame Marpoyan Pekanbaru. EKLEKTIK : Jurnal Pendidikan Ekonomi Dan Kewirausahaan, 2(01), 301–314. http://digilib.uinkhas.ac.id/id/eprint/13493%0Ahttp://digilib.uinkhas.ac.id/13493/1/M. Irfan Ramdani_E20153043.pdf

Ghozali, I. (2021). plikasi Analisis Multivariete SPSS 26 (10th ed.). Universitas Diponegoro.

IAI. (2014). PSAK 1 Penyajian Laporan Keuangan. IKATAN AKUNTANSI INDONESIA. https://web.iaiglobal.or.id/PSAK-Umum/7#gsc.tab=0

Kroll/ACFE Indonesia. (2021). Kroll/ACFE Indonesia Fraud Risk Survey.

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

Lu, S. (2005). SAS 99 & Fraud Detection.

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. http://journal.stekom.ac.id/index.php/kompakpage61

Novarina, D., & Triyanto, D. N. (2022). Pengaruh Fraud Hexagon Terhadap Kecurangan Laporan Keuangan Pada Perusahaan LQ 45 Yang Terdaftar di Bursa Efek Indonesia Periode 2016-2020. Jurnal Akuntansi Dan Keuangan, 10(2), 183. https://doi.org/10.29103/jak.v10i2.7352

Nugroho, D. S., & Diyanty, V. (2022). Fraud Hexagon and Fraudulent Financial Statement: Comparison Between OMI and Beneish Model. Proceedings of the International Conference on Economics, Management and Accounting (ICEMAC 2021), 207(Icemac 2021), 1–10. https://doi.org/10.2991/aebmr.k.220204.001

Octaviana, N. (2022). Analisis Elemen-Elemen Fraud Hexagon Theory Sebagai Determinan Fraudulent Financial Reporting. Jurnal Akuntansi, 11(2), 106–121. https://doi.org/10.46806/ja.v11i2.895

Oktaviany, F., & Reskino. (2023). Financial Statement Fraud: Pengujian Fraud Hexagon Dengan Moderasi Audit Committee. Jurnal Bisnis Dan Akuntansi, 25(1), 91–118. https://doi.org/10.34208/jba.v25i1.1799

Rahma, L. F. (2023). Penerapan Penyajian Laporan Keuangan Berdasarkan PSAK 1 Dan Tata Kelola Yang Baik Pada Perusahaan Ades. Majalah Ilmiah FISIP UNTAG Semarang, 20(1), 1.

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

SAK Efektif per 1 Januari 2021. (2021). IAIN. http://iaiglobal.or.id/v03/standar-akuntansi-keuangan/sak-efektif-21-sak-efektif-per-1-januari-2021#

Sari, S. P., & Nugroho, N. K. (2020). Financial Statements Fraud dengan Pendekatan Vousinas Fraud Hexagon Model: Tinjauan pada Perusahaan Terbuka di Indonesia. Islamic Economics, Finance, and Banking (ACI-IJIEFB), 409–430.

Sihombing, T., & Eirene Panggulu, G. (2022). Fraud Hexagon Theory And Fraudulent Financial Statement In IT Industry In Asean. Jurnal Reviu Akuntansi Dan Keuangan, 12(3), 524–544. https://doi.org/10.22219/jrak.v12i3.23334

Sugiyono. (2019). Metode Penelitian Kuantitatif, Kualitatif dan R&D (2nd ed.). Alfabeta.

Suryandari, E., & Pratama, L. V. (2021). Determinan Fraud Dana Desa: Pengujian Elemen Fraud Hexagon, Machiavellian, dan Love of Money. Reviu Akuntansi Dan Bisnis Indonesia, 5(1), 55–78. https://doi.org/10.18196/rabin.v5i1.11688

The Institute of Internal Auditors. (2019). IIA position paper. Fraud and Internal Audit, 1–4. https://na.theiia.org/about-ia/PublicDocuments/Fraud-and-Internal-Audit.pdf

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

Wiraswati, M. O., Yucha, N., & Lindawati, D. (2023). The Preparation of Financial Statements Based on Psak No . 1 Con- cerning Presentation of Financial Reports At PT DSM Surabaya. 5(1), 50–55.

Wolfe, D. T., & Hermanson, D. R. (2004). The FWolfe, D. T. and Hermanson, D. R. (2004) ‘The Fraud Diamond : Considering the Four Elements of Fraud: Certified Public Accountant’, The CPA Journal, 74(12), pp. 38–42. doi: DOI:raud Diamond : Considering the Four ElemWolfe, D. T. and Hermanson, D. R. The CPA Journal, 74(12), 38–42.