Series Vol. 7 , 13 September 2023
* Author to whom correspondence should be addressed.
With the development of market economy and modern science and technology, some listed companies' financial frauds are constantly discovered and exposed. Taking Zoneco as a case, combining with fraud triangle theory, this paper analyzes the background, causes and means of financial fraud in enterprises, which is different from the traditional way of combining financial statement data analysis with on-the-spot inventory. This paper discusses that modern big data technology provides a more innovative and intuitive method for identifying fraud, and broadens the way for maintaining the stability for the securities market.
Zoneco group, financial fraud, fraud triangle theory, big data technology
1. Wamba, Samuel Fosso, et al. "How ‘big data’can make big impact: Findings from a systematic review and a longitudinal case study." International Journal of Production Economics165: 234-246 (2015).
2. MacCarthy, John. "Using Altman Z-score and Beneish M-score models to detect financial fraud and corporate failure: A case study of Enron Corporation." International Journal of Finance and Accounting 6.6: 159-166 (2017)
3. Perols, Johan L., et al. "Finding needles in a haystack: Using data analytics to improve fraud prediction."The Accounting Review 92.2: 221-245(2017).
4. Kanapickienė, Rasa, and Živilė Grundienė. "The model of fraud detection in financial statements by means of financial ratios."Procedia-Social and Behavioral Sciences 213: 321-327(2015).
5. Albrecht, Chad, et al. "The role of power in financial statement fraud schemes." Journal of business ethics 131.4: 803-813(2015).
6. Hartmann, Berit, Jan Marton, and Rebecca Söderström. "The improbability of fraud in accounting for derivatives: A case study on the boundaries of financial reporting compliance."European Accounting Review 27.5: 845-873(2018).
7. Subair, Muhammed Lawal, et al. "Board Characteristics and the Likelihood of Financial Statement Fraud."Copernican Journal of Finance & Accounting9.1: 57-76 (2020).
8. Tan, Boon Seng, and Kin Yew Low. "Blockchain as the database engine in the accounting system."Australian Accounting Review 29.2: 312-318 (2019).
9. Kim, Gang-Hoon, Silvana Trimi, and Ji-Hyong Chung. "Big-data applications in the government sector."Communications of the ACM 57.3: 78-85 (2014).
10. Shi, Qi, and Mohamed Abdel-Aty. "Big data applications in real-time traffic operation and safety monitoring and improvement on urban expressways."Transportation Research Part C: Emerging Technologies 58: 380-394 (2015)
11. Dimitrov, Dimiter V. "Medical internet of things and big data in healthcare."Healthcare informatics research 22.3: 156-163 (2016).
12. Free, Clinton. "Looking through the fraud triangle: A review and call for new directions." Meditari Accountancy Research (2015).
13. Engel, Ellen, Rachel M. Hayes, and Xue Wang. "The Sarbanes–Oxley Act and firms’ going-private decisions."Journal of Accounting and Economics44.1-2: 116-145(2007).
The datasets used and/or analyzed during the current study will be available from the authors upon reasonable request.