Egorova I.S.Financial University under Government of Russian Federation, Moscow, Russian Federation eis-09@mail.ru
Importance The new concept of a risk-oriented approach to business performance appraisal necessitates to devise and implement new tools for identifying and implementing business risks. The article examines fraud risks. Objectives The research formulates methodological approaches to the assessing fraud risks. Methods The research employs methods of fraud risk assessment by testing based on special-purpose questionnaires. It is methodologically important to consider instances of fraud as a result of inaccurate financial reporting or embezzlement. In this respect, users can but take into account such factors as integrity and bona fide business management. There always exists the collusion risk or facts might be concealed so that it would be extremely difficult for the auditor to detect any misleading information. Moreover, it is worth mentioning the risk of errors the management may unintentionally commit, unknown facts or their omission. Results I prepared questionnaires to assess risks of fraud considering clauses of regulatory documents and empirical data of entities under study. Conclusions and Relevance It is possible to use the proposed working papers and methods in various areas: systems of internal controls and audit, external auditors, evaluation of corporate economic security, performance appraisal of accountants, management and the entity as a whole.
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