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All Journal JURNAL EKONOMI BISNIS DAN MANAJEMEN (EKO-BISMA)
Eriecha Destiany Salsabila
Universitas Teknologi Digital
Economics, Econometrics & Finance

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ANALISIS KECURANGAN LAPORAN KEUANGAN MENGGUNAKAN METODE BENEISH M-SCORE PADA BUMN: STUDI KASUS PT INDOFARMA TBK Eriecha Destiany Salsabila; Vina Anggilia Puspita
JURNAL EKONOMI BISNIS DAN MANAJEMEN (EKO-BISMA) Vol 5 No 2 (2026): JURNAL EKONOMI BISNIS DAN MANAJEMEN (EKO-BISMA)
Publisher : PUBLISHER ABISATYA DINAMIKA ISWARA PUBLISHING

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.58268/eb.v5i2.301

Abstract

Financial statement fraud is an issue that can affect the reliability of financial information and public confidence in a company, including state-owned enterprises. This study aims to test the effectiveness of the Beneish M-Score method in detecting fraud in a real-world case involving PT Indofarma Tbk. Using a quantitative descriptive approach, the analysis was conducted on secondary data in the form of PT Indofarma Tbk’s annual financial statements for the period 2020-2024. The results indicate that in 2020-2021, Indofarma was identified as having engaged in manipulation, with scores of -1,454 and -1,962, triggered by a surge in the Days Sales in Receivable Index. This finding aligns with the case of the withholding of sales proceeds amounting to Rp470 billion by its subsidiary. In subsequent years, the score plummeted to a low of -6,480, indicating that the company was in a state of extreme financial distress, culminating in the subsidiary’s declaration of bankruptcy in February 2025. This study demonstrates that the Beneis M-Score is an effective tool for the early detection of fraud risk prior to business failure.
Co-Authors Vina Anggilia Puspita