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Financial literacy and risk appetite involving clients of financial institutions in illegal deals

Nivorozhkina L.I. Doctor of Economics, Professor, Honored Science Worker, Head of the Department of Mathematical Statistics, Econometrics and Actuarial Calculations, the Rostov State Economic University ( lin45@mail.ru )

Sinyavskaya T.G. Doctor of Economics, Professor, Associated Professor, the Department of Mathematical Statistics, Econometrics and Actuarial Calculations, the Rostov State Economic University ( sin-ta@yandex.ru )

Alifanova E.N. Doctor of Economics, Professor, Head of the Faculty of Finance, Professor of the Department of Financial-Economical Engineering, the Rostov State Economic University ( alifanovaen@mail.ru )

Journal: Finance and Credit, #41, 2013

In the article the concept of an risk assessment of involvement of clients of financial institutions in schemes on money laundering on the basis of identification of the level of their financial literacy, the tendency to risk, the relation and ability of identification of the operations connected with suspicious financial transactions are presented. The developed and approved technique is based on poll which has been carried out among students of the South of Russia as most financially by active in the near future to part of the population. The high risk level of involvement of the population in illegal financial schemes owing to low financial literacy is revealed and the main characteristics of group of the greatest risk are defined.


The conceptual behavioral model to evaluate the propensity to the risk of falsifying financial statements as part of audits

Arzhenovskii S.V. Rostov State University of Economics (RSUE), Rostov-on-Don, Russian Federation ( sarzhenov@gmail.com )

Bakhteev A.V. Rostov State University of Economics (RSUE), Rostov-on-Don, Russian Federation ( a_bakhteev@mail.ru )

Sinyavskaya T.G. Rostov State University of Economics (RSUE), Rostov-on-Don, Russian Federation ( sin-ta@yandex.ru )

Journal: International Accounting, #6, 2019

Subject The article approaches the risk of falsifying financial statements in terms of behavioral economics, propensity of corporate leaders or decision makers to some kind of deviant behavior.
Objectives The study outlines a conceptual model of the behavioral risk of falsifying financial statements as part of the risk-oriented audit approach.
Methods We integrate fraud detection methods as part of auditing and behavioral economics, which are used to find fraud propensity determinants. We also develop conceptual principles for evaluating behavioral risks of falsifying financial statements by modifying the general fraud model. We do so by adding and specifying behavioral attitudes triggering fraud.
Results The article sets out a new conceptual approach to evaluating material misstatements of financial reporting due to fraud. The approach implies that decision makers may be inclined to fraudulent behavior. We also analyze additional behavioral qualities and use a set of questionnaires. What makes this approach advantageous is that it implies an a priori focus and does not ask direct questions, providing for versatile and statistical processing of results.
Conclusions and Relevance The two-step conceptual model can underlie the audit risk assessment technique in line with behavioral qualities of people who prepare financial statements. The findings can be used by auditing firms to identify the customers’ propensity to the risk of falsifying financial statements.


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