MANAGERIAL ASSESSMENT OF EMPLOYEE FRAUD RISK FACTORS RELATING TO MISSTATEMENTS ARISING FROM MISAPPROPRIATION OF ASSETS: A SURVEY OF ISE COMPANIES

Abstract

This paper aims at evaluating the importance of employee fraud risk factors relating to misstatements arising from misappropriation of assets. The same set of fraud risk factors that are provided in the appendices both to the International Standards on Auditing 240 and to Turkish Capital Market Board Communique on Auditing constitutes the main body of the questionnaire used in the study. Drawing on a survey of top-level executives of a sample of 70 Istanbul Stock Exchange listed companies, the results reveal that the most important risk factor group is “attitudes/rationalizations”, followed by “opportunities”. The results indicate the importance of wellstructured corporate culture and effective internal controls against misappropriation of assets by employees.

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