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1、Open Journal of Accounting, 2015, 4, 29-43 Published Online October 2015 in SciRes. http://www.scirp.org/journal/ojacct http://dx.doi.org/10.4236/ojacct.2015.44004 How to cite this paper: Abdullah, Z.I.B., Almsafir,

2、M.K. and Al-Smadi, A.A.-M. (2015) Transparency and Reliability in Finan- cial Statement: Do They Exist? Evidence from Malaysia. Open Journal of Accounting, 4, 29-43. http://dx.doi.org/10.4236/ojacct.2015.44004 Transp

3、arency and Reliability in Financial Statement: Do They Exist? Evidence from Malaysia Zinatul Iffah Binti Abdullah, Mahmoud Khalid Almsafir, Ayman Abdal-Majeed Al-Smadi Graduate Business, College of Graduate Studies, Un

4、iversiti Tenaga Nasional, Campus Putrajaya, Kajang, Malaysia Received 7 August 2015; accepted 24 November 2015; published 27 November 2015 Copyright © 2015 by authors and Scientific Research Publishing Inc. This

5、work is licensed under the Creative Commons Attribution International License (CC BY). http://creativecommons.org/licenses/by/4.0/ Abstract Purpose: The purpose of this research is to investigate the existence of reliab

6、ility and transparen- cy in the financial statement, for the benefit of investors and analysts. The scope of the study is to find the relationship of accounting standards, corporate governance, external controls, intern

7、al controls, and ethical practices with the financial statements, based on the auditors and manage- ment views in Malaysia. Methodology: 52 out of 60 questionnaires were taken from audit firms and management firms to t

8、est the visibility of transparency and reliability in financial statements. The qualitative data were also analyzed to understand the financial statements further. Findings: According to the data, the existence of tran

9、sparency and reliability in financial statements was re- lated with accounting standards, ethical practices, internal controls, external controls, and corpo- rate governance. This finding was supported by many tests thro

10、ugh SPSS statistic software. Re- search Limitations/Implications: The implication that first occurred was the intention of auditors and management in hiding the truths behind transparency and reliability of financial st

11、atements. Commonly, audit fees and audit sizes are the main truths that are hidden by the auditors. Practical Limitations: The implications of this were the value of transparency and reliability of financial statement

12、s hidden from the investors and its capabilities in restoring those into the financial statement. Originality/Value: The results were put through a quantitative approach. Also, addi- tional qualitative analysis was gath

13、ered to attain extra knowledge in the transparency. While the rest of the paper is original, previous authors were also discussed for their theories and hypo- theses. Keywords Business Ethics, Transparency, Accounting,

14、Management Accountability, Reliability, Internal Z. I. B. Abdullah et al. 31 something impossible to achieve in the current world. Since financial statements revealed the inside operation of the organizations, it refle

15、cted the outside participants such as stakeholders and shareholders as well. The author agreed with Damodaran (2007) [6] and found that the ways to ensure the transparency of information are based on the corporate disc

16、losures in the statements. Most companies did not include precious information which ended up making the investors decide wrongly for their investments. Sometimes, it misled the investors. Hence, this author unravels t

17、he reasons and the ways to evaluate transparency and reliability of the information in the financial statements. According to Berggren transparency nodes such as Organizational transparency drives company performanc

18、e and Information transpa- rency and valuation: “Can you value what you cannot see?” However, it does relate to the ratios and the models from other authors and topics listed in this literature reviews for the transpare

19、ncy and reliability in financial statements. In this case, it is almost similar to the concept transparency from Jamshidinavid, Chavoshani & Maroofi (2012) [9]. The authors were using questionnaires to understand

20、 how web accounting can damage transparency or enhance transparency. As CIMB won the best transparency in 2011, their annual reports are posted online in- stead of as a book annual report. This research found that web b

21、ased accounting can increase the qualitative norm of relevance, and increase the reliability of the financial statements, which can be used for decision mak- ing processes. In the other case, arguments over financial re

22、porting transparency and earning management to have a relationship found the result in the experiment (Hunton, Libby & Mazza, 2004) [10]. The findings re- vealed that it can affect transparency in selective sales of

23、 securities and the ways such securities of sales needs to be recorded in the financial statement. As CIMB won the best transparency in 2011, their annual reports are posted online instead of book annual report. This

24、research found that web based accounting increase the relevance and reliability of the financial statements which beneficial for decision-making processes. 2.2. Accounting Standards In the other case, Vrentzou (2011) [1

25、1] revealed the accounting standards that should be followed to minimize any fraudulent activities. Fraud occurs because the companies tend to use different accounting methods that were successful for other business in

26、dustries. Hence, a good knowledge of International Financial Reporting Standards (Worldwide), Financial Reporting Standards (under MASB Malaysia), Sarbanes Oxley Acts and Or- ganizational for Economic Co-operation and D

27、evelopment are required in enhancing the transparency and relia- bility of financial statements. Abdolmohammadi (2005) [12] revealed that the intellectual capital and market ca- pitalizations are some issues that cannot

28、be determined by the naked eye. He found that there are some levels of disclosure on this matter in the financial statements made by various public companies, and found a positive re- sult. In this case, it is defined t

29、hat such transparency occurs in recording intellectual capital and market capitali- zations. Liguori & Steccolini (2011) [13] stated that accounting change occurs when a particular type of accounting can no longer

30、support the organizations. For example, changes in the estimated (FRS) or changes in the goodwill are estimated. The author decided to brief more about the accounting change for a better understanding in inter- preting

31、the outcomes in the financial statements. In this case, Weetman (2003) [14] stated that the needs of FRS 3 as a total recording of financial statement were vital or not vital to the organizations. She revealed that user

32、s of financial statements favored the accounting standard board as it is concerned on stock market. The accounting standard board served the interests of users of the financial statement well. It is wiser to request th

33、e reason as to why the accounting standard board choose FRS 3 as the standards for critical matters. Again, she revealed that the participants in the survey, has established control of the standard-setting agenda and a

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