RED FLAGS ANALYSIS

Original scientific paper
Autor: Draženko Lukač MSc

Summary: Many financial scandals that have happened recently were usually followed by manipulations in financial reports. This only further confirms how important are the information contained in financial reports. If they were not important there would be no need to present them erroneously. State regulatory framework and the accounting profession in the developed market economy countries reacted by striving to build up a better institutional framework for financial reporting to be characterised primarily by an enhanced role of the state in supervising financial reporting practices.

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