Financial Economics
Abstract
Prior research supports the view that South African Small, Medium and Micro Enterprises
(SMMEs) add significant socio-economic value to the national economy. Unfortunately, these business
entities’ sustainability leaves much to be desired as they are reported to be among the worst in the world
- an estimated 80% of South African SMMEs fail after being in existence for only three years. Although
the sustainability of these business entities is believed to be adversely affected by an array of risks
which realise (stemming from a harsh economic environment), it is imperative that South African
SMMEs make use of sound internal control initiatives to mitigate such risks. According to scholarly
literature, it appears that South African SMMEs make use of customised internal control initiatives
which are often viewed as inadequate and/or ineffective which, in turn, do not properly mitigate risks.
This may result in the sustainability of these business entities to be adversely affected. In order to shed
light on the preceding phenomenon, for this study, a literature review was conducted to investigate the
theoretical relationship that exists among internal control initiatives, occupational fraud risk, and
SMME sustainability, in a South African context.
References
ACFE (2012). Report to the nations on occupational fraud and abuse. Global Study. Online Available
at: https://www.acfe.com/uploadedFiles/ACFE_Website/Content/rttn/2012-report-to-nations.pdf.
Accessed 13 August 2015.
ACFE (2014). Report to the nations on occupational fraud and abuse. Global Study. Online Available
at: http://www.acfe.com/rttn/docs/2014-report-to-nations.pdf. Accessed 1 September 2015.
Agwa-Ejon, J. & Mbohwa, C. (2015). The impact of research and innovation on SMMEs in Gauteng
province South Africa. Durban, South Africa, International Conference on Innovation and
Entrepreneurship.
Ahmad, N. & Seet, P. (2009). Dissecting behaviours associated with business failure: A qualitative
study of SME owners in Malaysia and Australia. Asian Social Science, 5(9), pp. 98-104.
Akiba, M.; Chiu, Y.; Shimizu, K. & Liang, G. (2012). Teaching salary and national achievement: a
cross-national analysis of 30 countries. International Journal of Educational Research, 53(1), pp. 171-
181.
Amra, R.; Hlatshwayo, A. & McMillan, L. (2013). SMME employment in South Africa. Bloemfontein,
South Africa, Biennial Conference of the Economic Society of South Africa.
Aubrey, M. (2015). The effects of inflation targeting on economic growth in South Africa. Limpopo.
Unpublished Manuscript Dissertation.
Blackman, A. (2014). The Main Types of Business Risk. Online Available at:
http://business.tutsplus.com/tutorials/the-main-types-of-business-risk--cms-22693. Accessed 5 July
2016.
Booyens, I. (2011). Are Small, Medium- and Micro–Sized Enterprises Engines of Innovation? The
reality in South Africa. Science and Public Policy: Bree Tree Publishing Journal, 38(1), pp. 67-78.
Bruwer, J. (2010). Sustainability of South African FMCG SMME retail business in the Cape Peninsula,
Cape Town. Unpublished Manuscript Dissertation.
Bruwer, J. (2012). The entrepreneurial mindset profile of South African small medium and micro
enterprises (SMMEs) in the Cape Metropole. African Journal of Business Management, 6(15), pp.
5383-5388.
Bruwer, J.-P. (2016). The Relationship(s) between the Managerial Conduct and the Internal Control
Activities of South African Fast Moving Consumer Goods SMMEs, Cape Town: Unpublished
Manuscript Dissertation.
Bruwer, J. & Coetzee, P. (2016). A literature review of the sustainability, the managerial conduct of
management and the internal control systems evident in South African small, medium and micro
enterprises. Problems and Perspectives in Management, 14(2), pp. 1-14.
Bruwer, J. et al. (2013). The need for a customised risk management framework for small enterprises.
Somerset West: Southern African Accounting Association.
Bruwer, J.; Siwangaza, L. & Smit, Y. (2018). Loss Control and Loss Control Strategies in SMMEs
Operating in a Developing Country: A Literature Review. Expert Journal of Business and Management,
6(1), pp. 1-11.
Cant, M. & Ligthelm, A. (2002). Small business problems in the South African context: a proactive
entrepreneurial approach. Bankok: Asia-Pacific Decisions Science Institute Conference.
Cant, M. & Wiid, J. (2013). Establishing the challenges affecting South African SMEs. International
Business & Economics Research Journal, 12(6), pp. 707-716.
Carroll, E. (2015). Occupational fraud: A Survey., Mississippi: Unpublished Manuscript Dissertation.
Chandiramani, G. (2009). Quality Of Risk Reporting. Rotterdam. Unpublished Manuscript
Dissertation.
Christ, M.; Sedatole, L. & Towry, K. (2010). Framing sticks and carrots: the effect of formal control
framing on trust and trusting behaviour. Accounting Review, 87(6), pp. 1913-1938.
COSO (2013). Guidance on Internal Control: Internal Control – Integrated Framework (2013). Online
Available at: http://www.coso.org/documents/990025P-Executive-Summary-final-may20.pdf
Accessed 28 March 2016.
Cuijpers, R. (2009). GDP and Happiness, Rotterdam. Unpublished Manuscript Dissertation.
Deloitte, (2011). Exploring Strategic Risk 300 executives around the world say their view of strategic
risk is changing. Online Available at:
http://www2.deloitte.com/content/dam/Deloitte/global/Documents/Governance-Risk-
Compliance/dttl-grc-exploring-strategic-risk.pdf. Accessed 26 April 2016.
Deloitte, (2015). Compliance risk assessments: The third ingredient in a world-class ethics and
compliance program. Online Available at:
http://www2.deloitte.com/content/dam/Deloitte/us/Documents/risk/us-aerscompliance%
20riskassessments-02192015.pdf. Accessed 5 July 2016.
Dunne, J. (2014). Small Business Occupational Fraud: Economics Crime Forensics Capstones. Journal
of Economic Crime Forensics, 3(1), pp. 2-28.
Ejoh, N. & Ejom, P. (2014). The Impact of Internal Control Activities on Financial Performance of
Tertiary Institutions in Nigeria. Journal of Economics and Sustainable Development, 5(16), pp. 133-
142.
Elrefaei, H. (2012). A Methodology for Deriving a Renewable Energy Market Competence Index with
Application to CSP Technology. Giza. Unpublished Manuscript Dissertation.
Farris, F. (2010). The Gini index and measures of inequality. Mathematical Association of America,
117(1), pp. 851-864.
Fatoki, O. & Odeyemi, A. (2010). Which new small and medium enterprises in South Africa have
access to bank credit?. International Journal of Business and Management, 5(10), pp. 128-136.
Fei, T. (2015). Compliance Risk Measurement in Global Supply Chain: A Study in Food Import in EU.
Delft. Unpublished Manuscript Dissertation.
Ferkolj, A. (2010). Enterprise Risk Management Analysis with Suggestions for Improvements for the
Selected Company. Ljubljana. Unpublished Manuscript Dissertation.
Fite, J.; Taylor, D.; Usher, J.; English, J. & Roberts, J. (2002). Forecasting freight demand using
economic indices. International Journal of Physical Distribution & Logistics Management, 32(4), pp.
299-308.
Furdell, K. & Wolman, H. (2006). Toward understanding urban pathology: Creating a typology of
weak market cities. Washington: George Washington Institute of Public Policy.
Geessink, L. (2012). Enterprise risk management and bank performance during a financial crisis.
Enschede. Unpublished Manuscript Dissertation.
Grant, L. (2015). Infographic: Poverty in South Africa. Online Available at: https://mg.co.za/data/2015-
02-05-infographic-poverty-in-south-africa. Accessed 27 April 2017.
Guilhoto, J.; Marjotta-Maistro, M. & Hewings, G. (2002). Economic landscapes: what are they? An
application to the Brazilian economy and to sugar cane complex. Berlin: Springer.
Gupta, R. & Gill, N. (2012). Prevention and Detection of Financial Statement Fraud–An
Implementation of Data Mining Framework. International Journal of Advanced Computer Science and
Applications, 3(8), pp. 150-155.
Harrison, W.; Horngern, C.; Thomas, C. & Suwardy, T.; (2011). Financial Accounting. International
Financial Reporting Standards. 8 Ed. Singapore: Pearson Education South Asia.
Herrington, M. & Kew, J. (2013). Global Entrepreneurship Monitor – South African report. Cape
Town: University of Cape Town.
Hosken, G. (2014). World fraud champs. Online Available at:
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Jackson, K.R.; Holland, D.; Albrecht, C. & Woolstenhulme, D. (2010). Fraud Isn’t Just For Big
Business: Understanding the Drivers, Consequences, and Prevention of Fraud in Small Business.
Journal of International Management Studies, 5(1), pp. 160-164.
Jiang, L. & Li, X. (2010). Discussions on the Improvement of the Internal Control in SMEs.
International Journal of Business and Management, 5(9), pp. 214-216.
Joubert, C.; Schoeman, N. & Blignaut, J. (1999). Small, Medium and Micro-Sized Enterprises
(SMMEs) and the Housing Construction Industry: A Possible Solution to South Africa’s Socio-
Economic Problems. South African Journal of Economic and Management Sciences, 2(1), pp. 21-33.
Kassem, R. (2014). Detecting asset misappropriation: a framework for external auditors. International
Journal of Accounting, Auditing and Performance Evaluation, 10(1), pp. 1-42.
Lazzeretti, L. & Petrillo, C. (2006). Tourism local systems and networking. Amsterdam: Elsevier.
Luís, A. Lickorish, F. & Pollard, S. (2015). Assessing interdependent operational, tactical and strategic
risks for improved utility master plans. Water Research, 74(1), pp. 213-226.
Mabesele, L. (2009). The role of performance measures in the fast food franchisee industry to sustain
positive growth: Cape Metropole South Africa.Cape Town. Unpublished Manuscript Dissertation.
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Perceptions of Managers and Accountants Regarding Their Effectiveness. Tampere. Unpublished
Manuscript Dissertation.
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cases of South Africa and Gabon. Pretoria. Unpublished Manuscript Dissertation.
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2016.
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governance in the South African public sector. Journal of Public Administration, 47(3), pp. 656-683.
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southwest Queensland. Queensland. Unpublished Manuscript Dissertation.
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status and lessons learned from the subprime crisis. Zürich: Unpublished Manuscript Dissertation.
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http://www.engineeringnews.co.za/article/number-of-south-african-smmes-growing-2017-06-26.
Accessed 2 May 2018.
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component analysis approach. African Journal of Business Management, 4(5), pp. 729-733.
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according to PwC study. Online Available at: http://www.pwc.co.za/en/press-room/economic-crimenews-
sa.html. Accessed 9 May 2016.
Prinsloo, S.; Walker, C.; Botha, L.; Bruwer, J. & Smit, Y. (2015). The influence of combined assurance
initiatives on the efficiency of risk management in retail small and very small enterprises in Bellville,
South Africa. Expert Journal of Business and Management, 3(2), pp. 63-81.
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Orleans: IAMB.
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Accessed 13 August 2015.
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Agwa-Ejon, J. & Mbohwa, C. (2015). The impact of research and innovation on SMMEs in Gauteng
province South Africa. Durban, South Africa, International Conference on Innovation and
Entrepreneurship.
Ahmad, N. & Seet, P. (2009). Dissecting behaviours associated with business failure: A qualitative
study of SME owners in Malaysia and Australia. Asian Social Science, 5(9), pp. 98-104.
Akiba, M.; Chiu, Y.; Shimizu, K. & Liang, G. (2012). Teaching salary and national achievement: a
cross-national analysis of 30 countries. International Journal of Educational Research, 53(1), pp. 171-
181.
Amra, R.; Hlatshwayo, A. & McMillan, L. (2013). SMME employment in South Africa. Bloemfontein,
South Africa, Biennial Conference of the Economic Society of South Africa.
Aubrey, M. (2015). The effects of inflation targeting on economic growth in South Africa. Limpopo.
Unpublished Manuscript Dissertation.
Blackman, A. (2014). The Main Types of Business Risk. Online Available at:
http://business.tutsplus.com/tutorials/the-main-types-of-business-risk--cms-22693. Accessed 5 July
2016.
Booyens, I. (2011). Are Small, Medium- and Micro–Sized Enterprises Engines of Innovation? The
reality in South Africa. Science and Public Policy: Bree Tree Publishing Journal, 38(1), pp. 67-78.
Bruwer, J. (2010). Sustainability of South African FMCG SMME retail business in the Cape Peninsula,
Cape Town. Unpublished Manuscript Dissertation.
Bruwer, J. (2012). The entrepreneurial mindset profile of South African small medium and micro
enterprises (SMMEs) in the Cape Metropole. African Journal of Business Management, 6(15), pp.
5383-5388.
Bruwer, J.-P. (2016). The Relationship(s) between the Managerial Conduct and the Internal Control
Activities of South African Fast Moving Consumer Goods SMMEs, Cape Town: Unpublished
Manuscript Dissertation.
Bruwer, J. & Coetzee, P. (2016). A literature review of the sustainability, the managerial conduct of
management and the internal control systems evident in South African small, medium and micro
enterprises. Problems and Perspectives in Management, 14(2), pp. 1-14.
Bruwer, J. et al. (2013). The need for a customised risk management framework for small enterprises.
Somerset West: Southern African Accounting Association.
Bruwer, J.; Siwangaza, L. & Smit, Y. (2018). Loss Control and Loss Control Strategies in SMMEs
Operating in a Developing Country: A Literature Review. Expert Journal of Business and Management,
6(1), pp. 1-11.
Cant, M. & Ligthelm, A. (2002). Small business problems in the South African context: a proactive
entrepreneurial approach. Bankok: Asia-Pacific Decisions Science Institute Conference.
Cant, M. & Wiid, J. (2013). Establishing the challenges affecting South African SMEs. International
Business & Economics Research Journal, 12(6), pp. 707-716.
Carroll, E. (2015). Occupational fraud: A Survey., Mississippi: Unpublished Manuscript Dissertation.
Chandiramani, G. (2009). Quality Of Risk Reporting. Rotterdam. Unpublished Manuscript
Dissertation.
Christ, M.; Sedatole, L. & Towry, K. (2010). Framing sticks and carrots: the effect of formal control
framing on trust and trusting behaviour. Accounting Review, 87(6), pp. 1913-1938.
COSO (2013). Guidance on Internal Control: Internal Control – Integrated Framework (2013). Online
Available at: http://www.coso.org/documents/990025P-Executive-Summary-final-may20.pdf
Accessed 28 March 2016.
Cuijpers, R. (2009). GDP and Happiness, Rotterdam. Unpublished Manuscript Dissertation.
Deloitte, (2011). Exploring Strategic Risk 300 executives around the world say their view of strategic
risk is changing. Online Available at:
http://www2.deloitte.com/content/dam/Deloitte/global/Documents/Governance-Risk-
Compliance/dttl-grc-exploring-strategic-risk.pdf. Accessed 26 April 2016.
Deloitte, (2015). Compliance risk assessments: The third ingredient in a world-class ethics and
compliance program. Online Available at:
http://www2.deloitte.com/content/dam/Deloitte/us/Documents/risk/us-aerscompliance%
20riskassessments-02192015.pdf. Accessed 5 July 2016.
Dunne, J. (2014). Small Business Occupational Fraud: Economics Crime Forensics Capstones. Journal
of Economic Crime Forensics, 3(1), pp. 2-28.
Ejoh, N. & Ejom, P. (2014). The Impact of Internal Control Activities on Financial Performance of
Tertiary Institutions in Nigeria. Journal of Economics and Sustainable Development, 5(16), pp. 133-
142.
Elrefaei, H. (2012). A Methodology for Deriving a Renewable Energy Market Competence Index with
Application to CSP Technology. Giza. Unpublished Manuscript Dissertation.
Farris, F. (2010). The Gini index and measures of inequality. Mathematical Association of America,
117(1), pp. 851-864.
Fatoki, O. & Odeyemi, A. (2010). Which new small and medium enterprises in South Africa have
access to bank credit?. International Journal of Business and Management, 5(10), pp. 128-136.
Fei, T. (2015). Compliance Risk Measurement in Global Supply Chain: A Study in Food Import in EU.
Delft. Unpublished Manuscript Dissertation.
Ferkolj, A. (2010). Enterprise Risk Management Analysis with Suggestions for Improvements for the
Selected Company. Ljubljana. Unpublished Manuscript Dissertation.
Fite, J.; Taylor, D.; Usher, J.; English, J. & Roberts, J. (2002). Forecasting freight demand using
economic indices. International Journal of Physical Distribution & Logistics Management, 32(4), pp.
299-308.
Furdell, K. & Wolman, H. (2006). Toward understanding urban pathology: Creating a typology of
weak market cities. Washington: George Washington Institute of Public Policy.
Geessink, L. (2012). Enterprise risk management and bank performance during a financial crisis.
Enschede. Unpublished Manuscript Dissertation.
Grant, L. (2015). Infographic: Poverty in South Africa. Online Available at: https://mg.co.za/data/2015-
02-05-infographic-poverty-in-south-africa. Accessed 27 April 2017.
Guilhoto, J.; Marjotta-Maistro, M. & Hewings, G. (2002). Economic landscapes: what are they? An
application to the Brazilian economy and to sugar cane complex. Berlin: Springer.
Gupta, R. & Gill, N. (2012). Prevention and Detection of Financial Statement Fraud–An
Implementation of Data Mining Framework. International Journal of Advanced Computer Science and
Applications, 3(8), pp. 150-155.
Harrison, W.; Horngern, C.; Thomas, C. & Suwardy, T.; (2011). Financial Accounting. International
Financial Reporting Standards. 8 Ed. Singapore: Pearson Education South Asia.
Herrington, M. & Kew, J. (2013). Global Entrepreneurship Monitor – South African report. Cape
Town: University of Cape Town.
Hosken, G. (2014). World fraud champs. Online Available at:
http://www.timeslive.co.za/thetimes/2014/02/19/world-fraud-champs. Accessed 9 May 2016.
Indexmundi (2015). South Africa. Online Available at: http://www.indexmundi.com/south_africa/.
Accessed 4 August 2015.
Jackson, K.R.; Holland, D.; Albrecht, C. & Woolstenhulme, D. (2010). Fraud Isn’t Just For Big
Business: Understanding the Drivers, Consequences, and Prevention of Fraud in Small Business.
Journal of International Management Studies, 5(1), pp. 160-164.
Jiang, L. & Li, X. (2010). Discussions on the Improvement of the Internal Control in SMEs.
International Journal of Business and Management, 5(9), pp. 214-216.
Joubert, C.; Schoeman, N. & Blignaut, J. (1999). Small, Medium and Micro-Sized Enterprises
(SMMEs) and the Housing Construction Industry: A Possible Solution to South Africa’s Socio-
Economic Problems. South African Journal of Economic and Management Sciences, 2(1), pp. 21-33.
Kassem, R. (2014). Detecting asset misappropriation: a framework for external auditors. International
Journal of Accounting, Auditing and Performance Evaluation, 10(1), pp. 1-42.
Lazzeretti, L. & Petrillo, C. (2006). Tourism local systems and networking. Amsterdam: Elsevier.
Luís, A. Lickorish, F. & Pollard, S. (2015). Assessing interdependent operational, tactical and strategic
risks for improved utility master plans. Water Research, 74(1), pp. 213-226.
Mabesele, L. (2009). The role of performance measures in the fast food franchisee industry to sustain
positive growth: Cape Metropole South Africa.Cape Town. Unpublished Manuscript Dissertation.
Milyutina, E. (2013). Fraud Prevention and Detection Methods in Russian Small-Scale Enterprises:
Perceptions of Managers and Accountants Regarding Their Effectiveness. Tampere. Unpublished
Manuscript Dissertation.
Mouloungui, S. (2012). Assessing the impact of finance on small business development in Africa: the
cases of South Africa and Gabon. Pretoria. Unpublished Manuscript Dissertation.
Musarurwa, D. (2012). $1,2bn fraud cases in six months. Online Available at:
http://maravi.blogspot.co.za/2012/05/sunday-mail-zw-12bn-fraud-cases-in-six.html. Accessed 09 May
2016.
Mwachiro, D. (2013). Effects of internal controls on revenue collection: a case of Kenya Revenue
Authority. Nairobi. Unpublished Manuscript Dissertation.
Naidoo, G. (2012). The critical need for ethical leadership to curb corruption and promote good
governance in the South African public sector. Journal of Public Administration, 47(3), pp. 656-683.
Nguyen, N. (2007). Risk management strategies and decision support tools for dryland farmers in
southwest Queensland. Queensland. Unpublished Manuscript Dissertation.
Oblakovic, G. (2013). Risk management at the strategic and operational levels of Swiss banks: current
status and lessons learned from the subprime crisis. Zürich: Unpublished Manuscript Dissertation.
Odendaal, N. (2017). Number of South African SMMEs growing. Online Available at:
http://www.engineeringnews.co.za/article/number-of-south-african-smmes-growing-2017-06-26.
Accessed 2 May 2018.
Olawale, F. & Garwe, D. (2010). Obstacles to the growth of new SMEs in South Africa: A principal
component analysis approach. African Journal of Business Management, 4(5), pp. 729-733.
Price Water House Coopers (2011). Economic crime remains a serious issue affecting SA organisations,
according to PwC study. Online Available at: http://www.pwc.co.za/en/press-room/economic-crimenews-
sa.html. Accessed 9 May 2016.
Prinsloo, S.; Walker, C.; Botha, L.; Bruwer, J. & Smit, Y. (2015). The influence of combined assurance
initiatives on the efficiency of risk management in retail small and very small enterprises in Bellville,
South Africa. Expert Journal of Business and Management, 3(2), pp. 63-81.
Quinot, G. (2013). Die reg se oënskynlike onvermoë om korrupsie in staatskontraktering in Suid-Afrika
hok te slaan/ The right's apparent inability to cope with corruption in state contracting in South Africa.
Joernaal vir die Geesteswetenskappe/Journal for the Humanities, Natuurwetenskappe, Regte en
Godsdienswetenskappe, 10(1), pp. 215-248.
Radas, S. & Božić, L. (2009). The antecedents of SME innovativeness in an emerging transition
economy. Technovation, 29(6), pp. 438-450.
Rankhumise, E.M. (2010). Hurdles and Triggers of rural SMEs in pursuance of their businesses. New
Orleans: IAMB.
Rankhumise, E.M. & Tshabalala, D.B. (2011). What Impact Do Economic Issues Have on the
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Published
2021-06-24
How to Cite
Collective Authors. (2021). Financial Economics: Array. Acta Universitatis Danubius. Œconomica, 14(4). Retrieved from https://dj.univ-danubius.ro/index.php/AUDOE/article/view/1178
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