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Discus about the Detecting Asset Misappropriation.


Article Summary

On the basis of selected research article, it is summarized that, in the current time, business firms are facing a serious of financial accounting issues and challenges that directly and indirectly reducing the firm’s profit, sales, revenue and decreasing reputation in the global business environment. In this research article, the author had explained that, today, corporate fraud is one of the major issue facing companies or firms. Moreover, fraud is also considered a major concern for all the regulators, inventors and external auditors. In addition to this, it is also suggested by the author that, misappropriation of assets within corporate environment is one of the major and common types of occupational fraud. It is also a most common ethical issue in the financial accounting. It is the all about the misuse of a company’s assets. If the assets are used for any purpose than company interest, it would be called assets misappropriation (Kassem, 2014).

At the same time, in this study, the author had summarized various types of fraud that negatively affect the success of a company. For case, it is explained by the author that, fraud may be internal and external fraud. Internal fraud is basically done and committed by the organizational people within the company. In contrast, the external fraud is the committed by the employees of a company outside the firms and such fraud includes investment fraud, customer fraud, vendor’s fraud, investor’s fraud. Hence, internal fraud is also called occupational fraud or corporate fraud.  At the same time, the author had explained that, if anyone does misuse organizational assets or resource, it would be called misuse of assets or fraud (Johnson, and Rudesill, 2001). At the same time, the author had classified the types and main categories of fraud such as: financial reporting fraud, asset misappropriation, corruption etc. 


Additionally, it is suggested by the author that, the internal frauds comes before the external fraud and this is one of the most common and frequent types of fraud. Moreover, it is also suggested that, in order to deal with such fraud, the auditors of the company should examine the factors that are responsible for the fraud. In this study, the author had also discussed and explained the major duties, responsibilities and role of an auditor in dealing with such fraud issues.  Apart from this, in order to understand the impact, types and concepts of internal and external fraud, the author had analyzed and discussed the case of Egypt in his study. In the same way, in this study, the researcher had explained and analyzed various categories of the misappropriation of assets and provided suggestion about how to control such issues (Hogan, Rezaee, Riley, and Velury, 2008). For case, it is explained by the researcher in the study that, misappropriation is an illegal and unethical act of stealing an asset of a company for personal use at the company’s expense or misuse of a company’s resources. Additionally, several causes of asset misappropriation are discussed and summarized in this article by the author. Finally, the author had critically proposed framework of detecting asset misappropriation (Kassem, and Higson, 2012).


Strengths of Published Article: 

The major strength of the research article is that, it provides a clear description about the various types of financial accounting issues.

  1. This study is providing information about the types of fraud, categories of asset misappropriation.
  2. This research article is also directly related with the financial accounting issues such as: misappropriation of assets (Srivastava, Mock, and Turner, 2009).
  3. This research article examines various areas of asset misappropriation that had never been examined and this could be used for the further research (Wells, 2004).
  4. This study is also more valuable and significant for the readers in understanding the nature of frauds and their classification.
  5. This research/publish articles suggests a specific framework that could be used by the external auditor in order to deal with the financial accounting issues.
  6. The author used literature, questionnaire, and a semi-structured interview to conduct the study that is important in addressing the research question and solve the research problem (Dahawy, Shehata, and Ransopher, 2010).

Weaknesses of the Published Article:

The main weaknesses of the published article are listed as below:

  1. In this study, the author had mainly focused on secondary method of data collection by ignoring the primary method of data collection
  2. Lack of graphical representation of information is also a major weakness of the study
  3. The study indicates that there are no clear research questions, research objectives and research gaps in the study that affected the outcomes of the study (Wells, 2004).
  4. In the research, the researcher had used more complicated sampling techniques to collect the sample
  5. No statistical and mathematical models of financial accounting are used to present the study by the author that is main limitation of the study conducted by the author (Pedneault, 2004).

Implications to the Accounting Profession:

The research done by the author has several implications for the Accounting profession. For case, the study could be used by the accountants, auditors and financial managers in order to understand and analyze the nature, types, classification, concepts related to red flags, fraud detection techniques, occupational fraud, audit procedures,  audit expectation gap, audit quality,  audit risk etc (Shelton, Whittington, and Landsittel, 2001).

In addition, this, the accounting professional could also understand the impact of fraud not only on the firm’s performance but also on the individual performance. Moreover, the auditors could also understand their roles and functions in avoiding of different kinds of frauds. For instance, this research study is provide a clear direction to the people related to the accounting profession that what are the major causes that are responsible for the fraud in the organizations (Srivastava, Mock, and Turner, 2009).

Furthermore, this study is also provides opportunity to the accountants or auditors about how to follow specific process to avoid fraud. On the other hand, the accounting people would also be able to understand and analyze the current financial accounting issues that faced by the business firms and their negative impact on the firm’s reputation as well as productivity. In the same way, the accounting people would be able to understand the financial accounting concepts, issues, problems. Along with this, this study can also help the internal and external auditors in understanding their roles and functions in maintaining the audit quality by using several audit process, methods and techniques (Pedneault, 2004). 

Relevance to the Unit – Financial Accounting Theory:

The research study conducted by the researcher is directly related to the course unit of financial accounting theory.

  1. During the study of course, it is studied that, there are various types of fraud exits within a company that create serious issues in the front of the companies.
  2. Moreover, it is also studied during the course work that, various specific and dynamic fraud detection techniques could be used by the auditor or company to deduct the fraud (Wells, 2005). In addition to this, it is also important to know that, the nature and categories of asset misappropriation aspect of the research article is directly related with the core unit financial accounting theory. For instance, at the time of classroom session, it is studied that frauds may be different in the nature and impact (Wells, 2004).
  3. Additionally, all the types of frauds have negative impact on the organizational financial situation and create a lot of challenges in the front of companies.
  4. Data analysis and research results part of the research article is also relevant with the unit. For case, it is acknowledged that, there are several methods and techniques could be adopted by a company in order to deal with the fraud issues (Johnson, and Rudesill, 2001).
  5. Finally, the Red flag for skimming schemes addressed in the article is also related with the course unit. During the classroom studies, different types of skimming schemes are learned.    


On the basis of above discussion, it can be recommended that, the auditors/researcher should use primary method properly and effectively to collect the fresh, real and accurate information in order to fulfill the aims and objectives of the study. Additionally, it can also be said that, the researcher should conduct the study through the mixed research method (primary and secondary).  Moreover, the researcher should also design research questions, research problems and research objectives separately in order to reach valid outcomes (Srivastava, Mock, and Turner, 2009). On the other hand, the researcher should also identify the gaps in the research. Finally, the researcher must also adopt statistical and mathematical models to test the study. Overall, the researcher should adopt the suggested methodologies in order to avoid above identified weaknesses. 



On the basis of above discussion, it can be concluded that, this research study provides detailed summary of the article that improve understanding about the issues of financial accounting and their impact on firm’s performance. At the same time, it is also concluded that, there are several strengths and weaknesses of the research article that would provide description about the major objective of the study. Moreover, the implication of the article with regards to the Accounting Profession is also analyzed to fulfill the aims of the study. Finally, it can be concluded that, the selected research article is related to the unit such as: Financial Accounting Theory. Finally, this research study provides recommendations to overcome the issues related to financial accounting. 



Dahawy, K., Shehata, N.F. and Ransopher, T. (2010). ‘The state of accounting in Egypt: a case’, Journal of Business Cases and Applications, 1(3), pp.1–12.

Hogan, C.E., Rezaee, Z., Riley, R. and Velury, U.K. (2008). ‘Financial statement fraud: insights from the academic literature’, Auditing: A Journal of Practice & Theory, 27( 2), pp.231–252.

Johnson, G.G. and Rudesill, C.L. (2001). ‘An investigation into fraud prevention and detection of small businesses in the United States: responsibilities of auditors, managers, and business owners’, Accounting Forum, 25(1), pp. 14-75.

Kassem, R. (2014). Detecting asset misappropriation: a framework for external auditors. International Journal of Accounting, Auditing and Performance Evaluation (IJAAPE), 10(1), pp. 1-42.

Kassem, R. and Higson, A.W. (2012). ‘Financial reporting fraud: are external auditors and standards’ setters doing enough?’, International Journal of Business and Social Sciences, 3(19), pp.283–290.

Pedneault, S.A. (2004). ‘Yes, auditors can stop fraud, if they know what to look for, White Collar Crime Fighter, 6(8), pp.1–3.

Shelton, S.W., Whittington, O.R. and Landsittel, D. (2001). ‘Auditing firms’ fraud risk assessment practices. Accounting Horizons, 15(1), pp.19–33.

Srivastava, R.P., Mock, T.J. and Turner, J.L. (2009). ‘Bayesian fraud risk formula for financial statement audits’, Abacus. A Journal of Accounting, Finance, and Business Studies, 45(1), pp. 66–80.

Wells, J.T. (2005). Principles of Fraud Examination. New York: John Wiley and Sons.

Wells, J.T. (2004). Occupational Fraud and Abuse. Australia: Obsidian Publishing.


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