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Assignment (1)
Deadline: 23/7/2022 @ 23:59
For Instructor’s Use only
Instructor’s Name: Dr. Salah ORABY
Students’ Grade:
/10
Level of Marks: High/Middle/Low
Instructions – PLEASE READ THEM CAREFULLY
• The Assignment must be submitted on Blackboard (WORD format only) via allocated
folder.
• Students are advised to make their work clear and well presented, marks may be
reduced for poor presentation. This includes filling your information on the cover
page.
• Students must mention question number clearly in their answer.
• Avoid plagiarism, the work should be in your own words, copying from students or
other resources without proper referencing will result in ZERO marks. No exceptions.
• All answers must be typed using Times New Roman (size 12, double-spaced) font.
No pictures containing text will be accepted and will be considered plagiarism.
Assignment Question(s):
(Marks 10)
Question 1: The correct and complete sequence of steps in conducting research is as follows:
1.
2.
3.
4.
5.
6.
7.
Identify broad area,
Select topic,
Decide approach,
Formulate plan,
Collect information,
Analyze data,
Present findings.
Using our Saudi Digital library (SDL) you should find two papers in accounting field and determine
for each paper the steps described above.
[4 marks]
Paper 1
Paper 2
1.The broad area of the
paper
2.The topic
3.Approach used
4.Data source
5. Data analysis
6.Findings
Question 2: Write a description of the research problem you propose to investigate and explain why
you chose this topic. [2 marks]
Question 3: What should be considered in developing a good research idea?
Question 4: What are the five categories of research methods? [2mark]
[2 marks]
1
2
3
4
5
6
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Multi-Knowledge Electronic Comprehensive Journal For Education And Science Publications (MECSJ)
ISSUE (27), December (2019)
ISSN: 2616-9185
www.mecsj.com
Accounting Management and Its Impact on Detecting and
Preventing Fraud in Saudi Banking Systems
Eman Mohammed Alotibi
Lecturer at Najran University
Email: emalthobeity @nu.edu.sa
Abstract
More than 5 billion online fraud endeavor happens each year in the whole
world, in Saudi Arabia by itself, it is predestined that SR 16 billion is wasted every
year to commercial fraud, a big portion of which is done electronically. In 2014
Saudi Arabia took the 16th in Kaspersky’s list of the most susceptible countries to
online attacks, as it appears that Saudi Arabia is, in particular, more susceptible to
the modern defiances (Kaspersky, 2014).
This study proved that fraud can be controlled and prevented with the good
use of accounting management and internal control, companies need to understand
the significance accounting management role as it has become more noteworthy, and
they need to enable accounting management in the decision-making process and
strategic plans formulation, so they can participate more closely to prevent fraud
from happening.
Furthermore, it has clarified that the Saudi Arabian Monetary
Authority (SAMA), has helped with forming laws that would help banks and
individuals to prevent fraud, and it counts the bank responsible of any fraud if the
client has reported the theft or loss of his card in the condition that he kept his
information safe, it
also encouraged banks to educate their clients about
importunacy of keeping their credentials safe and secure.
Keywords: Fraud, Accounting Management, internal control
1
the
Multi-Knowledge Electronic Comprehensive Journal For Education And Science Publications (MECSJ)
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1) Introduction
The Saudi Arabian monetary authority (SAMA) indicated that “banks are
responsible for providing secure and safe systems and services for their customers.”
Only when customers do not take steps into protecting their information (user &
password), or share it with other parties that security and safety become their
responsibility, the client is not accounted for the non-authorized transactions that
have been done through their personal cards if he already reported that he has lost
his card or it got stolen from him conditioned that the client (Alghamdi, Flechais, &
Jirotka, 2015), SAMA has proposed new laws regarding fraud as the use of ESystems caused became essential.
Many scholars have investigated fraud reasons and they managed to agree on
the outcome that fraud results from two main sources; fragile internal controls and
the
inefficient
systems
of
the
government
(Cascarino,
2013;
Cascarino,
2012;
Zaworski, 2005), based on the Association of Certified Fraud Examiners study
which was made of 2410 fraud cases that caused total loss of more than 6.3$ billion,
most of the frauds in the banking sector are related to the executives, it also revealed
that when the fraud doer is the executive its 10X worse case than if an employee is
the fraud initiator. Financial statement fraud are greatest median loss out of the basic
three fraud types; asset misappropriation, corruption and, financial statements fraud
(ACFE, 2016).
Companies need to plant a system for prohibition and detecting fraud, with
this
implementation
companies
can
reduce
the
probability
of
fraud
occurring
(Bierstaker et al., 2006). Managers need to communicate the intolerance policy of
any fraudulent activity to their employees, they also need to implement transparent
plans for performance and rewards, and to have an environment that encourages
fraud awareness (PwC, 2012)
Adenji (2010) stated that
accounting management
supplies the
demanded
information by management for the following aims; forming policies, designing,
controlling
and
administering
the
company
activities,
alternative
disclosure to the external environment, and employees, assets protecting.
2
business
paths,
Multi-Knowledge Electronic Comprehensive Journal For Education And Science Publications (MECSJ)
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It concentrates on internal managers and decision-makers, it provides the
needed financial data to managers in an attempt to help them make a better business
decision, and it can be seen as a method of spreading information that can be of a
great significance to managers with their job performing (Adenji, 2010).
Executives are the ones who are responsible for fraud control (detection and
prevention), by building a suitable internal control approach, a suitable control
approach is considered to have the ability to minimize fraud probability although it
cannot completely get rid of it, at the broad of the director’s scale, the part of
supervising the management is held by the audit committee to make sure that all
fraud hazards are identified and that they are all under control (Petrascu & Tieanu,
2014). Therefore, there is a need to examine how accounting management in Saudi
Arabia banks can prevent fraud, and at the same time assess the means of evaluating
the capabilities of the banks in preventing fraud.
2) Problem Statement
Fraud
is
evidently considered
reality contemporaneous
communities
and
it
happens in both public and private sector, recently chains of frauds have been
carried out in both public and private sectors, without any suspicion these frauds
have been carried out with the existence of internal auditors surveillance, going from
this view we can conclude that the surveillance of internal auditors are not
guaranteed to prevent fraud from happening, also with the existence of external
auditors frauds still happen every day.
It’s essential that companies own efficient accounting management that use
different practices since external auditors are not always trained to handle modern
frauds like white-collar felonies like; security fraud, bankruptcies, embezzlement,
contract
disputes
and,
a
probable
criminal
fiscal
transaction
such
as;
money
laundering by pioneers criminals, therefore this study is designed to answer the
question whether management accounting can provide Saudi Arabia banking sector
with the requisite data to enable effective control over fraud, to answer this question
the researcher used structured research approach,
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this paper will identify fraud and its’ specific risks to the banking sector, then it will
explain the potential role of accounting management in fraud control and preventing
context,
also
it
will
discuss
the
tools,
mechanism
of
managerial
accounting
management that are used to prevent fraud.
A descriptive study method is used, with the utilization of the publicly
obtainable date and policies, this paper will first introduce literature review related
to the subject under investigation, followed by a part of fraud definition and some
studies on the subject, then types of fraud are discussed, a view of Saudi Arabian
banks is provided with some facts published by SAMA (Saudi Arabian Monetary
Authority), lastly provided a review of the impact of accounting management on
detecting and preventing fraud in Saudi banking systems with a conclusion of the
whole paper.
3) Literature Review
Many scholars have investigated the causes of organizational fraud and the
techniques used to reduce the probability of fraud happening, when companies
improve their internal control system (Arora & Khanna, 2009), this point of view
was supported by (Albrecht, 1996) who also acknowledged that chances of fraud
occurring increase when the internal controls are weak, Agyemang in 2015 has
investigated the internal controls effect on fraud prevention in the banking sector,
with the use of a sample of 35 management staff which involves internal auditors,
this study has resulted in the finding that internal control means done by managers
have been a part of preventing fraud in banks.
The central gadget that allows corporations to stop fraud is the existence of
precise, timely, and pertinent information, the way to obtain such information is to
establish a foundation of relevant databases and to share this information among
divisions and corporations (Eurofinas & ACCIS, 2011). By adopting an enterprisewide and inter-organizational system via sharing information among the divisions
and organizations, companies can prevent fraud, the majority of fraudsters are
sophisticated, experienced,
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Multi-Knowledge Electronic Comprehensive Journal For Education And Science Publications (MECSJ)
ISSUE (27), December (2019)
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and
repeatedly
attempting
fraud,
That’s
why
information-sharing
can
give
corporations the ability to
detect
and identify probable fraudsters before they
commit fraud (SAS, 2013).
Australian National Audit Office with the participation of KPMG (2012) has
prepared a better practice guide; this guide included approaches that can form a
defense line against any fraud attempt, it also suggested a cost-efficient controlling
fraud
process
inside
any corporation.The
approaches
include
having
an ethical
culture, fraud awareness among employees, consumers, suppliers, and the effective
internal control system in which permit proportionate vendors reviews, extraction
and the analysis of data, and internally and externally reporting systems with the use
of the web, internal channels, and hotlines.
PwC in 2012 have published out a research on fraud awareness, preventing,
and detecting in the public sector which presented the conclusion that the most
important and efficient tool in fraud detecting is internal control, with 36% cases
have been discovered with the use of this tool, it also discovered that less than 1% of
fraud cases have been revealed by external auditors as it is not the core of their job
role (PwC, 2012). The existence of a forensic accountant in any company is
fundamental because it can reduce fraud cases in the public sector, they have carried
out interviews and used questionnaires with the public administrators from four
different public sector organizations based in Malaysia (Haron, Mohamed, Jomitin,
& Omar, 2014). Forensic accounting is seen as a gadget to protect companies from
any financial fraud attempt, in which the forensic auditor is supposed to use his
proficiency and skills to back his expert judgment with any issue (Eiya & Otalor,
2013).
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4) Fraud
Fraud includes all the methods invented and used by individuals to have an
advantage over others by wrong proposals or truth repression, including any tricks,
deception and cunning, surprises or any other inequitable way that can lead to the
deceiving
of
others
(Black’s
law
Dictionary,
1997).
Chartered
Institute
of
Management Accountants (CIMA, 2009) have defined fraud as the deliberate act of
deception made by one party in the purpose of making a gain out of a victim party,
fraud has two types i) internal fraud which is made by employees working in the
organization including assets embezzlement, fraud of fiscal statement, corruption,
and bribery, whereas external fraud is conducted by nonmembers (CIMA, 2009).
External fraud include virus attacks through others, card skimming, stealing others
identities (Berney, 2008).
Fraud occurs when there is a) incentive to perpetrate fraud, b) rationalization
to justify fraud behavior, and c) the opportunity to perpetrate fraud, as illustrated in
thefraud triangle(Albrecht, Howe, & Romney, 1984). Opportunity is the component
that companies can control as they can border the chances of committing fraud thus
reducing it, opportunity is the window for fraudsters to perpetrate fraud, as they
need to think they won’t get caught, and their actions are not going to be exposed,
opportunity does occur for many reasons such as; incapacitated internal controls,
dreadful management monitoring, the benefiting from one’s
power and position, and
not
can
managing
to
establish
suitable
procedures
that
detect
any
fraud
attempt(Coenen, 2009).
The other part of the fraud triangle is motivation or incentives it is the need
in which encourages an individual to perpetrate fraud, it can be a financial need or
any other form of need. The nonfinancial needs could result from the pressure for
better outcomes at the job or the need to cover for an individual’s weak performance,
addictions can also be a reason for fraud for example gambling addiction or drugs
(Coenen, 2009).
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The last crucial part of most of the fraud attempts is the rationalization made
by fraudsters that perpetrating fraud is acceptable due for many reasons when
fraudsters are generally untruthful it becomes easier to them to commit fraud but if
they possess a higher ethical criterion it would be harder to them to rationalize the
fraud, as they need to persuade themselves that fraud is acceptable due to their
reasons (Coenen, 2009).
Figure 1: (Joseph T. Wells, 1997)
Fraud control is an issue these days that disturb the top banking executives
and regulators when fraud activities happen in their financial institutions while they
are managers there (Moll & Hoque, 2011).Ekeigwe (2011) sees that monitoring and
auditing plans must include activities that are specifically tailored to the risk degree
and kind. Committee of Sponsoring Organizations has stated that internal control
can have a significant impact of reducing fraud attempts, and it’s considered a key
deterrent of fraud (COSO, 2004), internal control can be defined as the procedure in
which the entity’s broad of directors with other staff provide reasonable guarantee
assertion in regard to the accomplishment of aims in; a) the effectiveness and
adequacy of operations, b) the dependableness of fiscal reports, c) the compliance of
the applicable laws and regulations (COSO, 2004).
Many environmental agents do increase the chance of fraud acts in the
banking sector, such as; weak internal controls system, unsuitable remuneration,
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absence of separation of tasks, job roles, responsibilities, and tasks ambiguity, other
agents include not taking any administrative action when there is an unacceptable
performance level or behavior of an employee, segregation lack of audit trails, the
shortage of periodic reviews, inspections and, follow-ups on the guarantee of the
compliance on the organization’s objectives, procedures, and government regulations
(Bologna, 1994).
5) Types of Fraud
Many
types
can
be
classified
based
on
different
criteria;
following
explanation of the types;
A) Identity Theft; occurs when the fraudster hide his own identity and use
another one’s identity, identities can be of any source such as passport,
driver’s license, or voter’s card, this fraud type is the biggest attraction of
media out of the three types of online banking frauds, identity theft
victims suffer from this type of fraud as it can be complex and take
months or years to mend the harm they result in(Agwu, 2013). when the
thief obtains all information that the real person know he/she can use this
information to conduct fraud, that is why it is recommended that these
questions be tailored so that the only true person can answer (Sharma,
2003).
B) Friendly Fraud; civil or family fraud happens when committed with the
use of information of a trusted family member or friend, although many
attempts to educate individuals about the importance of keeping the
confidential data secured, still a lot of people share such information with
their closed ones(Agwu, 2013). A rising quantity of identity theft cases
have been reported that these frauds are committed by close family
members or friends who pretend to be the true client (Bhasin, 2007).
C) Internal Fraud; can be identified based on the relation of the fraudster and
the bank, objective and intention, and the number of fraud cases per
fraudster or group of fraudsters. In the first case fraud can be seen as
internal when internal and external parties participate to commit fraud,
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it is classified external when it is committed by a client or a third party,
and when its committed by employees or managers it is classified internal
(AGWU, 2014)
The second case there are two types of fraud; credit and theft, with credit
the aim is to gain money and the intention is not paying, the aim of theft
type is to steal and the intention is eternally not paying. The last
classification is it can be single if done separately with no links to other
frauds, or multiple if more than one attack is committed by the same
fraudster “organized attack” (AGWU, 2014)
6) Kingdom of Saudi Arabia (KSA) and Saudi banks
Kingdom of Saudi Arabia is the biggest Arabian country, it has a key part in
old trading over centuries and it is considered an Islamic destination for Pilgrims, as
the statics of the World Bank (2019) the population of the kingdom has reached (35)
million, Saudi Arabia financial strength comes from its natural resources and oil, it
is considered as the biggest producer of oil so it depends on its’ exports.
There are 13 listed banks in Saudi Arabia and 17 foreign branches operating
there, both Islamic and conventional bank types are included in the banking sector
(Samar, 2011), among the Gulf Cooperation Countries, Saudi Arabia has the largest
assets of both conventional and Islamic banks (Alkassim, 2005), the assets of
commercial banks increased by 2.5 percent in 2018, (SAR 57.6 billion to SAR
2363.4), bank total deposits also increased by 2.6 percent (SAR 42 billion) to
(SAR1661.1 billion) (SAMA, 2019).
The beginning of bank systems in KSA started with few foreign-based
trading places in 1926 which were used to provide financial services to help out the
pilgrims and the trading society, then foreign banks began to enter Saudi markets,
after
that
Saudi
Arabia
government
was
created.In
1952
the
Saudi
Arabia
government created SAMA in the objective of reaching a stabilized financial system
and guaranteeing the stability of the currency, later on in 1966 they have announced
new law of banking control, this law empowered SAMA with more supervisory
power, with the minister of finance acceptance,
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SAMA has the power to recommend fiscal entities for new licenses issuance, take
the suitable action with any violations acts, and release any new regulations
(Alghamdi, Flechais, & Jirotka, 2015).
Since the 80’s SAMAhas provided modern gadgets and systems to enhance
the financial markets of KSA and force KSA banks to invest in technology and to
strengthen the operations in their front and back desks. huge alterations have been
made to freshen the system, beginning with the national Automated Teller Machine
(ATM) system proposition, in which customers have the ability to access their
accounts from any machine around the country without the need to go personally to
the bank branch, the debit, credit and charge cards were introduced, Saudi banks
also entered the SWIFT payment network, lastly same-day settlement was allowed
by the use of sharing the benefits of a point of sales system and an advanced
electronic share trading and settlement system (SAMA, 1999).
Through the use of different services, clients currently have the ability to
access their accounts such as; the branches of the bank, phone and online banking,
ATMs, shopping online and sales point. systems of security vary with each bank and
the channel used, for example, the online authentication differs from bank to bank as
some banks do use one time PIN, whereas other banks do use two-step verification
as they send it to the client telephone, but one of the security systems has been
almost in all banks which is the SMS alert with every transaction made on the
account, the client will receive SMS, like money transfer, deposits, withdrawal,
online transactions.
7) SAMA regulations
The clause (3-3) of SAMA Electronic banking regulations sates that banks
are the responsible party of the security and safety of their customers as long as that
their customers did not violate their own security by not safeguarding their account
number and password or share this information with any third party, this rule does
not apply for credit and debit cards as any customer have the ability to authorize a
third party to have access for his/her card (SAMA, 2010). Clause (7-1) hold banks
the responsibility of any security penetration or unauthorized transactions,
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if the customer, the cardholder has reported the lost or steal of his card as long as he
has follows the aforementioned rules, unauthorized use is defined in SAMA Ebanking regulations as “The use of a credit card or debit card by anyone other than
the client (card holder) who does not have actual or implied authorization”.
SAMA rules have asserted that banks should use different methods such as;
the bank website or promotional brochures and publications to enlighten their clients
about their several systems of bank services uses and the preserve the online account
number and passwords, preserve their bank cards and the PINs, the use of safe
passwords and the need to change those passwords regularly, and the way to profile
a complaint (SAMA, 2010).
8) The role of accounting management in fraud prevention
IMA Institute of Management Accountants which is based in the US has
asserted
that
organizational
strategy
style
and
enforcement
are
a
significant
professional quality of any management accountant, and this job position is basically
considered management partnership as it provides management with the needed
financial statements and expertise in control (IMA, 2008). The role of the accountant
has changed in this era as it became more significant than only handing reports, it
has become more a management accountant and he plays a significant role in
decision-making and strategies (Forsaith, Tilt, & Xydias-Lobo, 2004).
The Institute of Management Accountants (then the National Association of
Accountants)
have
identified
identification,
measurement,
management
accumulation,
accounting
analysis,
as
preparation,
“the
process
of
interpretation,
and
communication of financial information used by management to plan, evaluate, and
control an organization and to assure appropriate use of and accountability for its
resources.
reports
for
Management
accounting
non-management
groups
also
comprises
such
as
the
preparation
shareholders,
of
creditors,
financial
regulatory
agencies, and tax authorities” (IMA, 2008, p.1)
Huge modifications have been made to change the nature of the accountant
role in the past twenty years, such as activity-based costing standards and balanced
scorecard concepts which enabled the accountant to
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have more role in strategy developing and decision-making in current companies
(Talha, Raja, & Seetharaman, 2010). These changes have asserted the essential need
for the participation of management accounting in facing actual business hardness
that requires strategic decisions (Johnson & Kaplan, 1987).
Ernst & Young (2010) and Deloitte (2015) from the big four accounting
companies have tried to give aids for stop fraud, the detection and prevention of
fraud must be system-wide but basically done by the internal auditors. When
proficient audit and internal control are used there should be no undetected fraud in
any accounting year (Earnst & Young, 2010; Deloitte, 2015). The job perspective of
accounting management is evolving from the basic old fashion to more a partner in
any company, the position in the organizational hierarchal structure does not matter
as much as the role and aims of this section in the company (Forsaith, Tilt, &
Xydias-Lobo, 2004; CLINTON & WHITE, 2012).
Basically one particular step that helps with fraud prevention and detection
in all companies is the need for continuous close attention from managers to the
practices of management (Turpen & Messina, 1997). In simple terms, organizational
management
must
initiate
and
implement
measures
and
strategies
that
enable
suitable, accurate, important information that needed to reduce the hazards of fraud
and avoid its happening, the need for management to do so now is of importance as
occupational fraud is increasing (KPMG, 2013).
One
fundamental
side
of
organizational
risk
management
is
fraud
monitoring, (CIMA) Charted Institute of Management Accountants sees that any
suitable fraud control must have four parts prevention, detection, deterrence and
response (CIMA, 2009). To reach the aim of fraud control, appropriate and suitable
data analysis and considerable consideration must be given to fraud as a section of
the
total
risk
management
work
scope,
the
thorough
comprehending
companies’ operational environment,
body,
and
fiscal activities
that
of
the
management
accounting department own is considered valuable as it gives the company the
leverage to get utmost advantages (Charron & Lowe, 2008).
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CIMA and AICPA (the American Institute of Certified Public Accountants)
both share the vision that management accounting possess the essential knowledge
and experience that enables it to be considered as an effective entrant in fraud risk
management (CGMA, 2012).
Conclusion
It has been proved that fraud can be controlled and prevented with the good
use of accounting management and internal control, companies need to understand
the significance accounting management role as it has become more noteworthy,
they need to enable accounting management in the decision-making process and
strategic plans formulation, so they can participate more closely to prevent fraud
from happening.
In Saudi Arabia, the Saudi Arabian Monetary Authority (SAMA), has helped
with forming laws that would help banks and individuals to prevent fraud, and it
counts the bank responsible of any fraud if the client has reported the theft or loss of
his card in the condition that he kept his information safe, it also encouraged banks
to educate their clients about the importunacy of keeping their credentials safe and
secure.
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References
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9. Alkassim, F. A. (2005). The Profitability of Islamic and Conventional Banking in the
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15. Bologna, J. (1994). How to Detect and Prevent Embezzlement. The white paper.
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