Accounting Associations Unite in Anti-Fraud Programs

Seven professional associations have jointly issued a set of recommendations to help companies combat fraud. These new guidelines tell how to prevent, deter and detect frauds ranging from falsified financial statements to employee theft.

Recommended anti-fraud measures include creating a culture of honesty and high ethics, being proactive in implementing and monitoring effective internal controls, and developing an effective oversight function.

A document containing the recommendations, "Management Anti-Fraud Programs and Controls," is available at AICPA's Web site. This document will be included for information purposes as an exhibit in the printed version of Statement on Auditing Standards No. 99, Consideration of Fraud in a Financial Statement Audit. The electronic version of SAS 99 is also being conformed to include the exhibit.

The organizations sponsoring the document are the American Institute of Certified Public Accountants, Association of Certified Fraud Examiners, Financial Executives International, Information Systems Audit and Control Association, Institute of Internal Auditors, Institute of Management Accountants, and the Society for Human Resource Management.

Other organizations that participated in reviewing and offering advice include American Accounting Association, Defense Industry Initiative, and the National Association of Corporate Directors.

-Rosemary Schlank

You may like these other stories...

We've probably all worked for soul-sucking managers who expect employees to spend their workdays tethered to the office with no other life obligations or desires. But that's not what the "When Work Works"...
A new report from global consulting and outsourcing company Accenture PLC found that internal complexity is the most significant challenge CFOs of large companies are currently encountering.The top four issues pertaining to...
Read more from Allan Boress here and in the Truth Be Told About Business Development archive. I've always been enamored with the concept of what it took to motivate employees and owners, all the way back to my...

Already a member? log in here.

Upcoming CPE Webinars

Oct 9In this jam-packed presentation Excel expert David Ringstrom, CPA will give you a crash-course in creating spreadsheet-based dashboards.
Oct 15This webinar presents the requirements of AU-C 600, Audits of Group Financial Statements (Including the Work of Component Auditors).
Oct 21Kristen Rampe will share how to speak and write more effectively by understanding your own and your audience’s communication style.
Oct 23Amber Setter will show the value of leadership assessments as tools for individual and organizational leadership development initiatives.