Accounting Associations Unite in Anti-Fraud Programs | AccountingWEB

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

Wait, there's more!
There's always more at AccountingWEB. We're an active community of financial professionals and journalists who strive to bring you valuable content every day. If you'd like, let us know your interests and we'll send you a few articles every week either in taxation, practice excellence, or just our most popular stories from that week. It's free to sign up and to be a part of our community.
Premium content is currently locked

Editor's Choice

WHAT KIND OF FIRM ARE YOU?
As part of our continued effort to provide valuable resources and insight to our subscribers, we're conducting this brief survey to learn more about your personal experiences in the accounting profession. We will be giving away five $50 Amazon gift cards, and a $250 Amazon gift card to one lucky participant.
This is strictly for internal use and data will not be sold
or shared with any third parties.