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