<![CDATA[Financial statement fraud misleads stakeholders’ judgments and erodes market confidence in corporate transparency, and this risk is particularly prominent during the period of high economic uncertainty brought by the COVID-19 pandemic. This study targets basic and chemical manufacturing companies listed on the Indonesia Stock Exchange (IDX), adopts the Beneish M-Score model, and focuses on the window period before and after the COVID-19 outbreak, aiming to analyze the impact of four categories of financial ratios—liquidity, solvency, profitability, and operating capacity—on fraud detection. The study adopts a quantitative explanatory design and processes data through panel data regression and the EViews software. Its sample consists of relevant data from 60 companies covering the period 2019–2022, totaling 240 firm-year observations. The empirical results show that liquidity (b=0.214, p=0.0001) and profitability (b=0.038, p=0.0000) have a significant positive impact, while solvency (b=-0.013, p=0.7128) and operating capacity (b=1.005, p=0.0596) have no significant impact; 89% of the annual reports have no likelihood of manipulation, and 11% carry potential manipulation. The conclusions can assist various stakeholders, including investors and regulators, in identifying early warning signals of fraud.]]>
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