All perfect praise be to Allah, The Lord of the Worlds. I testify that none is       worthy of worship except Allah and that Muhammad 
  is His slave and messenger.        
According to the Sharee'ah, there is no prayer for the in the manner described in the question. In fact, the described manner is considered a Bid'ah (religious innovation). The prescribed prayer for the deceased is the known funeral prayer, in which the worshippers recite Al-Faatihah only, and it should be performed outside the graveyard. It is permissible, however, for those who missed the funeral prayer to perform it inside the graveyard.
The Prophet 
  urged the bereaved family and others to seek forgiveness for the deceased and implore Allah, The Exalted, to make him/her steadfast while being       questioned by the angels in the grave. ‘Uthmaan ibn ‘Affaan 
  narrated: "Whenever the Messenger of Allah 
  finished the burial of a dead person, he would stand by the grave and say: ‘Seek forgiveness for your       brother and pray for him to be steadfast; he is now being questioned.'" [Abu Daawood]
Allah Knows best.