Financial Statement Detection with Hexagon Models in Indonesia's Sharia Market

Fraud is a deliberate act by one or more individuals in management or parties responsible for corporate governance. Fraud becomes a dynamic process that involves many layers and seeps into business practices and fraudsters are constantly creating new schemes to deceive people and hide their tracks. Over time, fraud detection has developed, one of the models used, namely fraud hexagon, developed by Vousinas (2019). This study aims to detect the effect of the hexagon model financial statement fraud. The sample in this study is a company listed on the Jakarta Islamic Index 30 (JII 30) which has consistently entered for the last ten years (2015-2021) and determined using the purposive sampling method. According to certain criteria as many as 35 samples for the last seven years. The hypothesis in this study is tested by logistic regression analysis. The results of this study find that financial stability, personal financial need, external pressure, capability, opportunity, nature of industry, effective monitoring, rationalization, ego, and collusion have no effect on financial statement fraud.