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USEFULNESS OF FINANCIAL INFORMATION AND FRAUD PREVENTION
Abstract
The article Usefulness of Financial Information and Fraud Prevention concerns the prevailing approach in accounting for generating information which satisfies the interests of potential investors, lenders and other creditors with regard to reporting entities and for making adequate decisions on future capital investments. The substance of the usefulness of the information in the general purpose financial statements is explained, and some of its specific expressions are presented. The qualitative characteristics of financial information are distinguished for the purposes of its usefulness. The main aspects and factors which play an important role for the prevention of financial statement fraud are explored. If users confidence in the information is lost, this might lead to a situation in which decisions would not be made in the respective market and capital would flow out to areas where financial information is reliable. It is in this connection that the role of the board of directors, audit committee, internal and external audit for the minimization of fraud and manipulation of financial statements is explored. The research methodology and techniques are based on the general principles of learning by applying the systemic approach, the methods of synthesis and analysis, of the historical and logical, of induction and deduction.
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