Subject. This article studies fictitious and simulated transactions from the law, accounting and auditing points of view. Objectives. The article aims to describe the legal, accounting and auditing approaches to the consideration of null and void deals by identifying and classifying the criteria for the recognition of such deals as the sham and feigned ones. Methods. For the study, I used the methods of comparative analysis, systematization, and generalization. Results. The article presents the argument that from the legal point of view, imaginary and simulated transactions should be referred to the flaw-in-the-will transactions. Accounting and auditing approaches imply their attribution to the defect-of-a-substance transactions. If the balance between the form and the content of business operation items arising from the essence of such transactions is not observed, the recognition of them as imaginary and feigned is the object of professional judgment of the accountant (auditor). Conclusions and Relevance. The article concludes that the legal approach is focused on the identification of imaginary and feigned transactions, the form of which is not required by law. Accountants and auditors should assess the content of such transactions. They are not obliged to classify dubious transactions as imaginary and legally feigned. The results of the research can be applied in the preparation of scientific and educational publications on the theory and practice of accounting and auditing in terms of principles and methodology of accounting and auditing.
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