Seven professional associations jointly issue antifraud programs and controls for management.

• Position: Brief Article

Seven professional associations have developed a set of recommendations specifically to help boards of directors, audit committees and management prevent and root out fraud. These recommendations are contained in a new document titled Management Antifraud Programs and Controls: Guidance to Help Prevent, Deter, and Detect Fraud, which is an exhibit to SAS No. 99, Consideration of Fraud in a Financial Statement Audit.

This new document identifies the measures an organization can take to prevent, deter and detect fraud, which can range from falsified financial statements to employee theft. Antifraud programs and controls, the document maintains, evolve from creating a culture of honesty and high ethics, evaluating internal processes and controls, and developing an appropriate oversight process.

Besides...