This presentation gives us an insight about how creative accounting can be. But this creative forms may also sometimes lead to fraud. This presentation will tell you what legal actions are taken when such a crime is committed.
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2. BASIC THOUGHTS
Theories’ assumptions
Formulation of theories
Approaches to explaining and
predicting
3. CLASSIFICATION OF THEORY
Pragmatic approach – observing the
behaviour of accountants or those who use
the information provided by them.
Syntactic approach – logical argument, based
on a set of premises.
Semantic approach – concern with the way
theories correspond to real-world events.
Normative approach – based on semantic
and syntactic.
Positive approach – test hypotheses against
actual events.
Naturalistic approach – individual cases and
do not try to generalize.
4. PRAGMATIC THEORIES
Descriptive pragmatic approach:
based on observed behaviour of
accountants
theory developed from how accountants
act in certain situations
tested by observing whether accountants
do act in the way the theory suggests
is an inductive approach
4
5. PRAGMATIC THEORIES
Criticisms of descriptive pragmatic approach:
does not consider the quality of an
accountant’s action
does not provide for accounting practices
to be challenged
focuses on accountants’ behaviour not on
measuring the attributes of the firm
6. PRAGMATIC THEORIES
Psychological pragmatic approach:
theory depends on observations of
the reactions of users to the
accountants’ outputs
a reaction is taken as evidence that
the outputs are useful and contain
relevant information
6
7. PRAGMATIC THEORIES
Criticisms of the psychological pragmatic
approach:
some users may react in an illogical manner
some users might have a preconditioned
response
some users may not react when they should
Theories are therefore tested using large
samples of people
7
8. SYNTACTIC AND SEMANTIC
THEORIES
Semantic inputs are the transactions
and exchanges recorded in vouchers,
journals and ledgers
• The inputs are then manipulated on
the basis of the premises and
assumptions of historical cost
accounting
8
9. SYNTACTIC AND SEMANTIC
THEORIES
Criticised because there is no
independent empirical verification of the
calculated outputs
The outputs may be criticised for poor
syntax inaccurate e.g. different types of
monetary measures are added together
9
10. SYNTACTIC AND SEMANTIC
THEORIES
The outputs may be syntactically
accurate but nevertheless be
valueless due to a lack of semantic
accuracy (a lack of correspondence
with real-world events, transactions
or values)
10
11. SYNTACTIC AND SEMANTIC
THEORIES
Historic cost accounting may produce
‘accurate’ outputs but which
nevertheless have little or no utility
That is, they are not useful for economic
decision making except to verify
accounting entries
11
12. NORMATIVE THEORIES
1950s and 1960s ‘golden age’
policy recommendations
what should be
concentrated on deriving:
true income (profit)
practices that enhance decision-usefulness
based on analytic and empirical propositions
12
Financial statements should mean what they say
13. NORMATIVE THEORIES
True income:
a single measure for assets
a unique and correct profit figure
Decision usefulness:
the basic objective of accounting is to
aid the decision-making process of
certain ‘users’ of accounting reports by
providing useful accounting data
13
15. POSITIVE THEORIES
• Expanded during the 1970s
• Based on ‘experiences’ or ‘facts’ of the
real world
• Explain the reasons for current
practice
• Predict the role of accounting
information in decision-making
15
16. POSITIVE THEORIES
The main difference between normative
and positive theories is that
normative theories are prescriptive
positive theories are descriptive,
explanatory or predictive
16
17. DIFFERENT PERSPECTIVES
Scientific approach:
has an inherent assumption that the
world to be researched is an objective
reality
is carried out by incremental
hypotheses
has an implied assumption that a good
theory holds under circumstances that
are constant across firms, industries
and time
17
18. DIFFERENT PERSPECTIVES
Criticism of the scientific method:
large-scale statistical research tends to
lump everything together
it is conducted in environments that
are often remote from the world of or
the concerns of accountants
18
20. DIFFERENT PERSPECTIVES
Alternative ways of looking at the world:
20
CATEGORY ASSUMPTION
1. Reality as a concrete structure
2. Reality as a concrete process
3. Reality as a contextual field of information
4. Reality as a symbolic discourse
5. Reality as a social construction
6. Reality as projection of human imagination
For categories 1 – 3 it is more appropriate to
use the scientific approach
For categories 4-6 the naturalistic approach is
more appropriate
22. SOCIOLOGICAL AND
DISCURSIVE PERSPECTIVE
Schiell, Borba, and Murcia (2010)
Latour (1989) and Whitley (1984) – the
sociological and discursive perspective are
basically determined by the extent and
intensity of its interaction with society.
Accounting – a “socio-systemic” structure, with
input, process, and output.
The strong interdependence between science
and society.
23. SCIENTIFIC APPROACH
APPLIED TO ACCOUNTING
Misconceptions of purpose
Make scientists out of accounting practitioners
Researchers = practitioners
The desire for ‘absolute truth’
23
The scientific method does not claim to provide
‘truth’
It attempts to provide persuasive evidence which
may describe, explain or predict
24. ISSUES FOR AUDITING THEORY
CONSTRUCTION
Auditing is a verification process that is applied
to the accounting inputs and processes
Auditors provide an opinion on
whether the financial statements accord with
the applicable reporting framework
whether the statements give a true and fair
view
24
25. ISSUES FOR AUDITING THEORY
CONSTRUCTION
Auditing is a verification process that is applied
to the accounting inputs and processes
Auditors provide an opinion on
whether the financial statements accord with
the applicable reporting framework
whether the statements give a true and fair
view
25
26. ISSUES FOR AUDITING THEORY
CONSTRUCTION
Focus on the conduct of an audit – fraud
detection, discovery of errors of principles and
the nature of account verification.
Mautz and Sharaf (1961) – attempted to provide a
comprehensive theory of auditing with the
purpose to prevent the view that auditing was a
practical exercise – not requiring theoretical
development.
Concepts: evidence, due audit care, fair
representation, independence and ethical conduct
26
27. ISSUES FOR AUDITING THEORY
CONSTRUCTION
The normative era of accounting coincided with
a normative approach to auditing theory.
The positive ere of accounting has led to a
positive approach to auditing theory.
Experimentalists – micro-level understanding
of the audit testing or judgment process.
Judgements and decision making research.
27
28. SUMMARY
Many different approaches to theory
formulation in accounting
Evolution of accounting theory
positive v. normative
scientific v. naturalistic
28