Internal Controls and Antifraud Programs (English)

inExecutive Roadmap to Fraud Prevention and Internal Control ; 105-132
Executive Roadmap to Fraud Prevention and Internal Control : Creating a Culture of Compliance
John Wiley & Sons, Inc. , Hoboken, NJ, USA; 2015

The best way to ensure a culture of compliance in an organization is through an appropriately designed internal control and anti‐fraud program. This chapter highlights that in 2002, the Fraud Task Force of the American Institute of Certified Public Accountants (AICPA) commissioned a study to provide guidance to help prevent and detect fraud. The American Institute of Certified Public Accountants’ Management Antifraud Programs and Controls is a 14‐step program that any organization can implement to detect and prevent fraud. The steps include creating a culture of honesty and high ethics, evaluating antifraud processes and controls, and developing an appropriate oversight process. Management must conduct periodic assessments of the risk of fraud at all levels and document the results. In most cases, companies predict the risk of fraud based on past events and current conditions. Although an outside audit can identify control gaps, only an honest inside assessment can truly gauge a company's risk of fraud. Boards and senior management of the companies rely on the Enterprise Risk Management (ERM) program to help them understand and manage their company's most important risks and avoid fraud. A good ERM program will help a company understand and articulate its most important risks and risk management options across several dimensions.

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