Detecting Fraudulent Financial Reporting In State-Owned Company: Hexagon Theory Approach
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Abstract
This study aims to investigate the impact of the hexagonal fraud theory in the detection of fraud in the financial statements of state-owned enterprises (BUMN). This study is a quantitative approach whose data comes from the company's annual financial statements published by the Indonesia Stock Exchange (IDX) using multiple regression analysis techniques. The results of the study explain that simultaneously Financial Stability (Stimulus), External Pressure (Stimulus), Nature of Industry (Opportunity), Auditor Change (Capability), Change of Directors (Rationalization), Number of CEO Images (Arrogance), and Cooperation with Government Projects (Collusion) has a positive effect in detecting fraudulent financial statements of SOEs. Partially Financial Stability, External Pressure, Nature of Industry, Change of Directors, and Cooperation with Government Projects have a positive effect in detecting fraudulent financial statements of SOEs. Changes in Auditors and the Number of CEO Images have no effect in detecting fraudulent financial statements in BUMN for the 2012-2019 period. The results of this study can provide an overview of the factors that may cause fraudulent financial statements in SOEs. It is hoped that the results of this study can provide input to interested parties in strategic decisions.
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References
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ACFE. (2016). The Fraud Tree. December, 1–13.
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Annisya, M., & Asmaranti, Y. (2016). Pendeteksian Kecurang Laporan Keuangan Menggunakan Fraud Diamond. Jurnal Bisnis dan Ekonomi, 23(1).
Aprilia, R., Hardi, H., & Al-Azhar, A. (2017). Pengaruh Financial Stability, Personal Financial Need, Ineffective Monitoring, Change in Auditor Dan Change in Director Terhadap Financial Statement Fraud Dalam Perspektif Fraud Diamond (Studi Empiris Pada Perusahaan Manufaktur Yang Terdaftar Di Bursa Efe (Doctoral dissertation, Riau University).
Arens, A. A. (2014). Auditing and assurance services : an integrated approach. Pearson. https://library.ui.ac.id/detail?id=20373522
Beneish, M. D. (1997). Detecting GAAP violation: Implications for assessing earnings management among firms with extreme financial performance. Journal of accounting and public policy, 16(3), 271-309.
Bologna, J. (2006). Fraud auditing and forensic accounting. John Wiley & Sons, Inc.
Brian A. G. (2014). Black's Law Dictionary. St. Paul, MN: Thomson Reuters.
Burgstahler, D., & Dichev, I. (1997). Earnings management to avoid earnings decreases and losses. Journal of accounting and economics, 24(1), 99-126.
Cressey, Donald R. (Donald Ray), 1919-1987. (1973). Other people's money; a study in the social psychology of embezzlement. Montclair, N.J. :Patterson Smith,
Dechow, P. M., Ge, W., Larson, C. R., & Sloan, R. G. (2011). Predicting material accounting misstatements. Contemporary accounting research, 28(1), 17-82.
Fajarwati, D., & Sambodo, S. D. (2010). Pengkajian tentang Penyusunan dan Penyajian Laporan Keuangan pada Lembaga Keuangan Syariah. JRAK: Jurnal Riset Akuntansi Dan Komputerisasi Akuntansi, 1(2), 15-31.
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Ghozi, S., & Hermansyah, H. (2018). Analisis Regresi Data Panel Profitabilitas Bank Pembangunan Daerah (BPD) di Indonesia. Jurnal Matematika, 8(1), 1. https://doi.org/10.24843/jmat.2018.v08.i01.p93
Hadi, M. S. W., & Kirana, D. J. (2021). Pendeteksian Fraudulent Financial Reporting Dengan Fraud Hexagon Pada Perusahaan di Indonesia. Business Management, and Accounting National Seminar, 2, 1036–1052. https://conference.upnvj.ac.id/index.php/biema/article/view/1672/1218
Herlina Nadziliyah, N. S. P. (2022). Analisis Fraud Hexagon Terhadap Financial Statement Fraud Pada. Accounting and Finance Studies, 2(1), 21–39. https://doi.org/10.47153/afs21.2702022
Herdiana, R., & Sari, S. P. (2018). Analisis fraud diamond dalam mendeteksi financial statement fraud (studi empiris perusahaan manufaktur yang terdaftar di bursa efek indonesia periode 2015-2017). In Seminar Nasional dan Call for Paper III Fakultas Ekonomi (pp. 402-420).
Himawan Albertus, F. A. K. (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. https://ibn.e-journal.id/index.php/ESENSI/article/view/166
Kurnia, A. A., & Anis, I. (2017). Analisis Fraud Pentagon dalam Mendeteksi Kecurangan Laporan Keuangan Simposium Nasional Akuntansi XX. 1–30.
Maryani, N., Kusuma Natita, R., & Herawati, T. (2022). Fraud Hexagon Elements as a Determination of Fraudulent Financial Reporting in Financial Sector Services. Budapest International Research and Critics Institute Journal, 5(1), 4300–4314. https://doi.org/10.33258/birci.v5i1.4136
Miftahul Jannah, V., Andreas, A., & Rasuli, M. (2021). Pendekatan Vousinas Fraud Hexagon Model dalam Mendeteksi Kecurangan Pelaporan Keuangan. Studi Akuntansi Dan Keuangan Indonesia, 4(1), 1–16. https://doi.org/10.21632/saki.4.1.1-16
Novita, N. (2019). Teori Fraud Pentagon dan Deteksi Kecurangan Laporan Keuangan.
Jurnal Akuntansi Kontemporer, 11(2), 64–73. https://doi.org/10.33508/jako.v11i2.2077
Octani, J., Dwiharyadi, A., Djefris, D., Akuntansi, J., & Padang, N. (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. https://akuntansi.pnp.ac.id/jabei
Rahmanti, M. M., & Daljono, D. (2013). Pendeteksian Kecurangan Laporan Keuangan Melalui Faktor Risiko Tekanan dan Peluang (Studi Kasus pada Perusahaan yang Mendapat Sanksi dari Bapepam Periode 2002–2006) (Doctoral dissertation, Fakultas Ekonomika dan Bisnis).
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
Sari, S. P., & Khoiriah, N. (2021). Hexagon Fraud Detection of Regional Government Financial Statement as A Fraud Prevention on The Pandemic Crisis Era. Wacana.Ub.Ac.Id, 24(2), 90–96. https://wacana.ub.ac.id/index.php/wacana/article/view/897
Sari, S. P., & Nugroho, N. K. (2021, March). 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).
Septriani, Y., & Desi Handayani, dan. (2018). Mendeteksi Kecurangan Laporan Keuangan dengan Analisis Fraud Pentagon. 11(1), 11–23. http://jurnal.pcr.ac.id
Shi, Wei, Brian L. Connelly, and Robert E. Hoskisson. 2017. External Corporate Governance and Financial Fraud: Cognitive Evaluation Theory Insights on Agency Theory Prescriptions. Strategic Management Journal 38: 1268–86
Sihombing, K. S., & Rahardjo, S. N. (2014). Analisis Fraud Diamond dalam Mendeteksi Financial Statement Fraud (Studi Empiris pada Perusahaan manufaktur yang Terdaftar di Bursa Efek Indonesia Tahun 2010 – 2012). Diponegoro Journal of Accounting, 3(2), 1–12. http://ejournal-s1.undip.ac.id/index.php/accounting
Skousen, C. J., & Twedt, B. J. (2009). Fraud score analysis in emerging markets. Cross Cultural Management: An International Journal.
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 Corporate governance and firm performance. Emerald Group Publishing Limited.
Subramanyam, K.R. (2014). Analisis laporan keuangan. Edisi Kesebelas. McGraw-Hill Education, New York
Supriyono, R.A. 2018. Akuntansi Keperilakuan. Yogyakarta: UGM Press
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
Wild, J., & Subramanyam, K. R. (2009). Financial Statement Analysis, Edition 10th. English: Mcgraw-Hill Companies.
Wilopo, W. (2006). Analisis faktor-faktor yang berpengaruh terhadap kecenderungan kecurangan akuntansi: studi pada perusahaan Publik dan badan usaha milik negara di Indonesia. The Indonesian Journal of Accounting Research, 9(3).
Wolfe, D. T., & Hermanson, D. R. (2004). The fraud diamond: Considering the four elements of fraud.
Yesiariani, M., & Rahayu, I. (2016). analisis fraud diamond dalam mendeteksi financial statement fraud (studi empiris pada perusahaan lq-45 yang terdaftar di bursa efek indonesia tahun 2010-2014). Simposium Nasional Akuntansi XIX, Lampung, 1-21.
Yusrianti, H., Ghozali, I., & Yuyetta, E. N. (2020). Asset misappropriation tendency: Rationalization, financial pressure, and the role of opportunity (study in indonesian government sector). Humanities & Social Sciences Reviews, 8(1), 373-382.
Zack, G. M. (2012). Financial Statement Fraud. Financial Statement Fraud, 269–273. https://doi.org/10.1002/9781118527436
Zelin, C. (2018). Analisis fraud pentagon dalam mendeteksi kecurangan laporan keuangan dengan menggunakan fraud score model.
Tuanakotta, T. M. 2010. Akuntansi Forensik dan Audit Investigatif.. Edisi 2. Salemba Empat Jakarta
Bonner, S. E., Palmrose, Z. V., & Young, S. M. (1998). Fraud type and auditor litigation: An analysis of SEC accounting and auditing enforcement releases. Accounting Review, 503-532.
ACFE, (2020). Survei Fraud Indonesia 2019. Indonesia Chapter #111 53: 1–76.
ACFE. (2016). The Fraud Tree. December, 1–13.
Achmad, T., Ghozali, I., & Pamungkas, I. D. (2022). Hexagon fraud: Detection of fraudulent financial reporting in state-owned enterprises Indonesia. Economies, 10(1), 13.
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/10.3390/economies10010013
Afrianto, D. (2016). Direksi Timah Dituding Manipulasi Laporan Keuangan. www.economy.okezone.com. Diakses pada 17 Mei 2020 Retrieved from https://economy.okezone.com/read/2016/01/27/278/1298264/direksi-timah-dituding-manipulasi-laporan-keuangan.
Annisya, M., & Asmaranti, Y. (2016). Pendeteksian Kecurang Laporan Keuangan Menggunakan Fraud Diamond. Jurnal Bisnis dan Ekonomi, 23(1).
Aprilia, R., Hardi, H., & Al-Azhar, A. (2017). Pengaruh Financial Stability, Personal Financial Need, Ineffective Monitoring, Change in Auditor Dan Change in Director Terhadap Financial Statement Fraud Dalam Perspektif Fraud Diamond (Studi Empiris Pada Perusahaan Manufaktur Yang Terdaftar Di Bursa Efe (Doctoral dissertation, Riau University).
Arens, A. A. (2014). Auditing and assurance services : an integrated approach. Pearson. https://library.ui.ac.id/detail?id=20373522
Beneish, M. D. (1997). Detecting GAAP violation: Implications for assessing earnings management among firms with extreme financial performance. Journal of accounting and public policy, 16(3), 271-309.
Bologna, J. (2006). Fraud auditing and forensic accounting. John Wiley & Sons, Inc.
Brian A. G. (2014). Black's Law Dictionary. St. Paul, MN: Thomson Reuters.
Burgstahler, D., & Dichev, I. (1997). Earnings management to avoid earnings decreases and losses. Journal of accounting and economics, 24(1), 99-126.
Cressey, Donald R. (Donald Ray), 1919-1987. (1973). Other people's money; a study in the social psychology of embezzlement. Montclair, N.J. :Patterson Smith,
Dechow, P. M., Ge, W., Larson, C. R., & Sloan, R. G. (2011). Predicting material accounting misstatements. Contemporary accounting research, 28(1), 17-82.
Fajarwati, D., & Sambodo, S. D. (2010). Pengkajian tentang Penyusunan dan Penyajian Laporan Keuangan pada Lembaga Keuangan Syariah. JRAK: Jurnal Riset Akuntansi Dan Komputerisasi Akuntansi, 1(2), 15-31.
Faradiza, S. A., & Suyanto. (2017). F raud D iamond : P endeteksi Kecurangan Laporan Keuangan. Fraud Diamond: Pendeteksi Kecurangan Laporan Keuangan, November, 196–201.
Ghozi, S., & Hermansyah, H. (2018). Analisis Regresi Data Panel Profitabilitas Bank Pembangunan Daerah (BPD) di Indonesia. Jurnal Matematika, 8(1), 1. https://doi.org/10.24843/jmat.2018.v08.i01.p93
Hadi, M. S. W., & Kirana, D. J. (2021). Pendeteksian Fraudulent Financial Reporting Dengan Fraud Hexagon Pada Perusahaan di Indonesia. Business Management, and Accounting National Seminar, 2, 1036–1052. https://conference.upnvj.ac.id/index.php/biema/article/view/1672/1218
Herlina Nadziliyah, N. S. P. (2022). Analisis Fraud Hexagon Terhadap Financial Statement Fraud Pada. Accounting and Finance Studies, 2(1), 21–39. https://doi.org/10.47153/afs21.2702022
Herdiana, R., & Sari, S. P. (2018). Analisis fraud diamond dalam mendeteksi financial statement fraud (studi empiris perusahaan manufaktur yang terdaftar di bursa efek indonesia periode 2015-2017). In Seminar Nasional dan Call for Paper III Fakultas Ekonomi (pp. 402-420).
Himawan Albertus, F. A. K. (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. https://ibn.e-journal.id/index.php/ESENSI/article/view/166
Kurnia, A. A., & Anis, I. (2017). Analisis Fraud Pentagon dalam Mendeteksi Kecurangan Laporan Keuangan Simposium Nasional Akuntansi XX. 1–30.
Maryani, N., Kusuma Natita, R., & Herawati, T. (2022). Fraud Hexagon Elements as a Determination of Fraudulent Financial Reporting in Financial Sector Services. Budapest International Research and Critics Institute Journal, 5(1), 4300–4314. https://doi.org/10.33258/birci.v5i1.4136
Miftahul Jannah, V., Andreas, A., & Rasuli, M. (2021). Pendekatan Vousinas Fraud Hexagon Model dalam Mendeteksi Kecurangan Pelaporan Keuangan. Studi Akuntansi Dan Keuangan Indonesia, 4(1), 1–16. https://doi.org/10.21632/saki.4.1.1-16
Novita, N. (2019). Teori Fraud Pentagon dan Deteksi Kecurangan Laporan Keuangan.
Jurnal Akuntansi Kontemporer, 11(2), 64–73. https://doi.org/10.33508/jako.v11i2.2077
Octani, J., Dwiharyadi, A., Djefris, D., Akuntansi, J., & Padang, N. (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. https://akuntansi.pnp.ac.id/jabei
Rahmanti, M. M., & Daljono, D. (2013). Pendeteksian Kecurangan Laporan Keuangan Melalui Faktor Risiko Tekanan dan Peluang (Studi Kasus pada Perusahaan yang Mendapat Sanksi dari Bapepam Periode 2002–2006) (Doctoral dissertation, Fakultas Ekonomika dan Bisnis).
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
Sari, S. P., & Khoiriah, N. (2021). Hexagon Fraud Detection of Regional Government Financial Statement as A Fraud Prevention on The Pandemic Crisis Era. Wacana.Ub.Ac.Id, 24(2), 90–96. https://wacana.ub.ac.id/index.php/wacana/article/view/897
Sari, S. P., & Nugroho, N. K. (2021, March). 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).
Septriani, Y., & Desi Handayani, dan. (2018). Mendeteksi Kecurangan Laporan Keuangan dengan Analisis Fraud Pentagon. 11(1), 11–23. http://jurnal.pcr.ac.id
Shi, Wei, Brian L. Connelly, and Robert E. Hoskisson. 2017. External Corporate Governance and Financial Fraud: Cognitive Evaluation Theory Insights on Agency Theory Prescriptions. Strategic Management Journal 38: 1268–86
Sihombing, K. S., & Rahardjo, S. N. (2014). Analisis Fraud Diamond dalam Mendeteksi Financial Statement Fraud (Studi Empiris pada Perusahaan manufaktur yang Terdaftar di Bursa Efek Indonesia Tahun 2010 – 2012). Diponegoro Journal of Accounting, 3(2), 1–12. http://ejournal-s1.undip.ac.id/index.php/accounting
Skousen, C. J., & Twedt, B. J. (2009). Fraud score analysis in emerging markets. Cross Cultural Management: An International Journal.
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 Corporate governance and firm performance. Emerald Group Publishing Limited.
Subramanyam, K.R. (2014). Analisis laporan keuangan. Edisi Kesebelas. McGraw-Hill Education, New York
Supriyono, R.A. 2018. Akuntansi Keperilakuan. Yogyakarta: UGM Press
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
Wild, J., & Subramanyam, K. R. (2009). Financial Statement Analysis, Edition 10th. English: Mcgraw-Hill Companies.
Wilopo, W. (2006). Analisis faktor-faktor yang berpengaruh terhadap kecenderungan kecurangan akuntansi: studi pada perusahaan Publik dan badan usaha milik negara di Indonesia. The Indonesian Journal of Accounting Research, 9(3).
Wolfe, D. T., & Hermanson, D. R. (2004). The fraud diamond: Considering the four elements of fraud.
Yesiariani, M., & Rahayu, I. (2016). analisis fraud diamond dalam mendeteksi financial statement fraud (studi empiris pada perusahaan lq-45 yang terdaftar di bursa efek indonesia tahun 2010-2014). Simposium Nasional Akuntansi XIX, Lampung, 1-21.
Yusrianti, H., Ghozali, I., & Yuyetta, E. N. (2020). Asset misappropriation tendency: Rationalization, financial pressure, and the role of opportunity (study in indonesian government sector). Humanities & Social Sciences Reviews, 8(1), 373-382.
Zack, G. M. (2012). Financial Statement Fraud. Financial Statement Fraud, 269–273. https://doi.org/10.1002/9781118527436
Zelin, C. (2018). Analisis fraud pentagon dalam mendeteksi kecurangan laporan keuangan dengan menggunakan fraud score model.
Tuanakotta, T. M. 2010. Akuntansi Forensik dan Audit Investigatif.. Edisi 2. Salemba Empat Jakarta
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