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The Fraud Tree and its Investigation in Audit
Get PDFThe purpose of the present research paper is to introduce a new structure of the Fraud Tree and to suggest certain audit procedures possibly employed in examining its branches. For the purpose of the present paper the authors thereof have referred to the analysis of related research literature, also applied the information comparison and generalization methods. Fraud is being committed in every part of the world, and in every sphere of human activities. Often fraud leads to financial nightmare and collapse of major international corporations which cause spill-off after-effects not only upon corporations and their employees, but also upon other related businesses and organizations, governments and societies. In view of globalization of economy, increasingly dynamic and competitive business fraud has changed in character though has not downscaled in its scope. Today fraudsters elaborate their attempts making use of the most state-of-the-art science achievements and innovative technologies. This largely facilitates the growth of the “Fraud Tree” with its new branches ever springing up. The present article represents an attempt to investigate individual fraud cases and the groups of persons committing this kind of crime. A new concept of “Fraud Tree” has been introduced with the following basic branches: i) material misstatements in financial statements; ii) asset misappropriation; iii) corruption; iv) tax evasion; and v) others. Every branch on the Fraud Tree has several sub-branches, and significant efforts should be devoted in the course of audit to examine the scope, formation conditions of each such sub-branch. The present paper includes guidelines for the principal actions and procedures to be followed by an auditor in view of the risks related to misstatements in financial statements, asset misappropriation, corruption and tax evasion
THEORETICAL AND METHODOLOGICAL ASPECTS OF INSURANCE CUSTOMER LOYALTY AND ITS CULTIVATION
Get PDFThe article, after the evaluation of opinion of various authors, first of all deals with the contents of loyalty of the insured and gives its definition. It also discusses theoretical questions of insurers’ benefits due to loyalty of the insured, a the benefits of the insured themselves. While examining the factors influencing satisfaction and loyalty of the insured the conclusion is made that the most important factors are the image of an insurance company, its reliability, the comprehended quality of the insurance services and their price, and the means of motivation of the insured. Furthermore, the article discusses the effect of the corresponding factors on the emotional and rational loyalty of the insured and on the formation of true loyalty of the insured. The article pays exceptional attention to such theoretical issues of implementation means and actions of cultivating loyalty of the insured as the functions of the system of means of loyalty cultivation, the strategies of loyalty cultivation (financial motivation, social relations, meeting of individual requirements, structural relations).p
BUSINESS CLUSTERS AND THE POTENTIAL OF THE BIOTECHNOLOGY SECTOR IN LITHUANIA
Get PDFWhat are the unique circumstances that allow innovations in an economy to take hold and mature into productive business sectors? We pose the given question in our discussion of the uncommonly favorable circumstances surrounding the biotechnology sector in Lithuania. The purpose of this paper is to analyze Lithuania’s ability to expand its economy during a time of crisis, focusing on its unique ability to innovate in such sectors as biotechnology.Our primary hypothesis is as follows: Lithuanian biotechnology sector is expanding because business clusters have been established. Drawing upon Schumpeter’s ideas of innovation and Porter’s business cluster theory, we argue that Lithuania is “at the right place and the right time” to make itself a regional leader in biotechnology. We draw upon the world-systems theory to argue that biotechnology is one means whereby Lithuania can rise in the global core-periphery hierarchy
THE STAND OF SOCIAL RESPONSIBILITY WITHIN THE STRATEGY OF BUSINESS ORGANIZATION
Get PDFThe article reviews the essence and the main principles of the strategic management, discusses the strengths and weaknesses that may be caused by the strategy of the organization. The content and the concept of the social responsibility of a business organization is dissertated mainly through the wide elaboration of the argument for and against business organizations to bear and implement the social responsibility. The links between the strategy and the social responsibility have been uncovered by merging the theories and various aspects of the strategic management and the social responsibility as well as the importance of the integration of the element of social responsibility into the strategy of the business organization is revealed. The most recent t models of the formation of organizational strategy, in which the element of the social responsibility as well as the ethic and moral principles may be detected, are presented. Eventually the measurement and assessment problems of the implementation of social responsibility within the framework of organizational strategy are thoroughly discussed
FACTORS OF ORGANIZATIONAL CULTURE CHANGE
Get PDFOrganizational culture has a significant impact on the organization members’ life and in general it helps a company to achieve positive financial results. Organizational culture is very important in achieving internal integration and implementation of the strategy of adaptation in the external environment. Therefore a lot of companies explore their organizational culture and leaders, if needed, seek consciously to form, develop and change organizational culture.The aim of the article is to analyze the theoretical attitudes towards organizational culture change, to present research results of furniture manufacturing company‘s organizational culture, to describe the aspects that had impact on the organizational culture change and the matrix of organizational culture management.The object of the research is factors that have impact on the organizational culture change.Methods of research: analysis and generalization of literature, opinion survey of organization members by means of the designed questionnaire and in-depth interview as well as comparative analysis.Results of the research show that organizational culture change during 2006–2008 can be described as the movement from the “hierarchy” type towards “adhocracy” type and the main factors that had made impact on the organizational culture change were persons from outside incorporated in the organization and the installation of new technology. The main conclusion of the article is that it is important to establish and ensure continuous monitoring of the organizational culture, to estimate factors that have impact on the organizational culture change and to establish the matrix of organizational culture management in order to manage organizational culture in the right direction
Options of Intergovernmental Fiscal Relations Reform in the Ukraine
Get PDFReform of the system of public finance is a key problem in the transformation processes of the Ukraine’s economy. Development of efficient methods of financial policy is especially important in the context of strategic challenges of economic growth, the competitiveness of the national economy, and convergence of the level of socio-economic development between different regions of the country. Most elements of the modern system of the Ukraine’s public finance were formed as far back as during the Soviet era, under the conditions of command and administrative economy, when neither the state budget, nor the local ones played any active role, but were a mere monetary reflection of the plans of socio-economic development. On the other hand, in market economies, public finance plays an important role in the provision of economic growth and efficient use of national economic resources, as well as in the solution of the problems related to social equity.During recent years, the attempt to reform intergovernmental fiscal relations in the Ukraine have failed either to create a well-balanced system for the distribution of powers between central state authorities and local government, or to elaborate adequate and transparent mechanisms for the formation of local budgets. The reason is that most problems of the local budgets are mostly treated by policy makers and local authorities in the context of the need to provide local budgets with “sufficient” financial resources.We emphasize that creation of an efficient budget system is not limited to a mere re-distribution of revenues between central and local budgets. Investigation of theoretic and methodological foundations of the development of the components of the system of public finance and intergovernmental fiscal relations in the Ukraine let us conclude that such development should be based on the use of economic principles and criteria as to the distribution of powers between the central authorities and local government. Furthermore, a consistent fiscal policy is needed, which would promote not only the convergence between the local budgets’ expenditures, but also, and first of all, the regions’ socio-economic development
ASSESSMENT OF ACCOUNTING INFORMATION SYSTEM INTEGRATION IN SMALL AND MEDIUM LITHUANIAN ENTERPRISES
No full textAn accounting information system (AIS) plays a key role in providing the financial information for decision making within an organization. The degree of usability and value of the information provided by an AIS largely depends on its timeliness and quality. Both can be improved by the participation of the non-financial stakeholders in its preparation, and by its reuse across multiple business processes. The goal of the research was to investigate AIS integration models in Lithuanian small and medium enterprises, and to determine the prerequisites and obstacles for their integration with the business processes and external information systems. A number of Lithuanian business companies were visited to investigate their information systems. Interviews with the accounting personnel were conducted and the related documentation was inspected. The object of the research was a set of problems concerned with the use of the information provided by the entity’s accounting information system in other functional areas for decision making purposes. Issues involving the preparation and communication of the accounting information for the use of external stakeholders were considered as well.The results of the research showed that the degree of integration of the accounting information systems of small and medium Lithuanian enterprises with their business partners and state institutions remains low, although prerequisites for the integration in some cases are in place.. Obstacles that preclude closer integration with external the systems are the relative inflexibility of the accounting software, the lack of use of the contemporary information and communication technologies, and high investments. To encourage closer integration within the systems, the Service Oriented Architecture should be provided, and be open for Data Integration, easy customization, and extensibility.p
QUALITY OF LIFE OF THE POPULATION OF LITHUANIA: THE CONCEPTION, DEVELOPMENT AND PROSPECTS
Get PDFThe article presents a thorough explanation of the concepts defining the well-being of life and proposes, on the basis of various authors’ research and trials, a generalised and complex understanding of the quality of life and a systemic concept of the quality of life. The article discusses the integrated indicators of the quality of life as used by international scientific and consulting institutions, methodologies and the taken measurements of the quality of life, presents international comparisons of indicators of the quality of life. On the basis of the system of indicators of the quality of life as offered by the authors, a change in the well-being of life of the Lithuanian population and its quality during the period of functioning of the market is analysed, and the principal positive and negative factors which affected the quality of life of the population in the period of 2000-2008 are identified.p