Transaction Search Form: please type in any of the fields below.
Date: November 25, 2024 Mon
Time: 8:19 pm
Time: 8:19 pm
Results for fraud and corruption (u.s.)
1 results foundAuthor: Institute of Internal Auditors Title: Managing the Business Risk of Fraud: A Practical Guide Summary: All organizations are subject to fraud risks. Large frauds have led to the downfall of entire organizations, massive investment losses, significant legal costs, incarceration of key individuals, and erosion of confidence in capital markets. Publicized fraudulent behavior by key executives has negatively impacted the reputations, brands, and images of many organizations around the globe. Regulations such as the U.S. Foreign Corrupt Practices Act of 1977 (FCPA), the 1997 Organisation for Economic Co-operation and Development Anti-Bribery Convention, the U.S. Sarbanes-Oxley Act of 2002, the U.S. Federal Sentencing Guidelines of 2005, and similar legislation throughout the world have increased management’s responsibility for fraud risk management. Reactions to recent corporate scandals have led the public and stakeholders to expect organizations to take a “no fraud tolerance” attitude. Good governance principles demand that an organization’s board of directors, or equivalent oversight body, ensure overall high ethical behavior in the organization, regardless of its status as public, private, government, or not-for-profit; its relative size; or its industry. The board’s role is critically important because historically most major frauds are perpetrated by senior management in collusion with other employees. Vigilant handling of fraud cases within an organization sends clear signals to the public, stakeholders, and regulators about the board and management’s attitude toward fraud risks and about the organization’s fraud risk tolerance. In addition to the board, personnel at all levels of the organization — including every level of management, staff, and internal auditors, as well as the organization’s external auditors — have responsibility for dealing with fraud risk. Particularly, they are expected to explain how the organization is responding to heightened regulations, as well as public and stakeholder scrutiny; what form of fraud risk management program the organization has in place; how it identifies fraud risks; what it is doing to better prevent fraud, or at least detect it sooner; and what process is in place to investigate fraud and take corrective action. This guide is designed to help address these tough issues. This guide recommends ways in which boards, senior management, and internal auditors can fight fraud in their organization. Specifically, it provides credible guidance from leading professional organizations that defines principles and theories for fraud risk management and describes how organizations of various sizes and types can establish their own fraud risk management program. The guide includes examples of key program components and resources that organizations can use as a starting place to develop a fraud risk management program effectively and efficiently. Each organization needs to assess the degree of emphasis to place on fraud risk management based on its size and circumstances. Details: Washington, DC: American Institute of Certified Public Accountants, 2008. 80p. Source: Internet Resource: Accessed October 15, 2012 at: http://www.aicpa.org/ForThePublic/AuditCommitteeEffectiveness/AuditCommitteeBrief/DownloadableDocuments/Managing_the_Business_Risk_of_Fraud.pdf Year: 2008 Country: United States URL: http://www.aicpa.org/ForThePublic/AuditCommitteeEffectiveness/AuditCommitteeBrief/DownloadableDocuments/Managing_the_Business_Risk_of_Fraud.pdf Shelf Number: 126726 Keywords: Crimes Against BusinessesFraud and Corruption (U.S.) |