Anti-fraud Initiative
The CAQ Anti-Fraud Initiative endeavors to increase collaboration and communication among members of the financial reporting supply chain – audit committees, company management, internal auditors and external auditors – to help advance efforts to lessen fraud risk. In 2010, the CAQ released Deterring and Detecting Financial Reporting Fraud – A Platform for Action, which concluded that increased collaboration and communication among members of the “financial reporting supply chain” can greatly advance efforts to lessen fraud risk.
With the release of Deterring and Detecting Financial Reporting Fraud, the CAQ announced that it had joined with Financial Executives International (FEI), the National Association of Corporate Directors (NACD) and The Institute of Internal Auditors (The IIA) in a collaborative partnership to develop of tools and best practices to help mitigate financial reporting fraud.
In 2011, FEI, in conjunction with the collaborative partners, released a new Fraud Literacy Quiz. The quiz, which is open to the public, comprises a series of questions designed to assess an individual’s knowledge on topics related to deterring and detecting financial reporting fraud. In addition, a feature article in the November issue of Financial Executive magazine is available online.
In 2012, the collaborative partnership is unveiling several new products designed to mitigate the risk of financial reporting fraud. These materials will be made available on each partner organization’s website.
Read more about this topic: Center For Audit Quality
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