New York ( Nov. 20, 2002) -- Seven professional associations, including the American Institute of CPAs, unveiled a new set of recommendations Tuesday to combat corporate fraud and strengthen internal controls.The new recommendations are contained in a paper, Management Anti-fraud Programs and Controls: Guidance to Help Prevent, Deter, and Detect Fraud.
Aside from the AICPA, the other sponsoring organizations are the 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.
"Research suggests that the most effective way to implement measures to reduce wrongdoing is to base them on a set of core values that are embraced by the entity," according to the document’s introduction.
The paper offers measures organizations can take to prevent, deter and detect fraud, including forging a culture of honesty and high ethics; proactively evaluating anti-fraud process and controls; and developing an appropriate oversight process.
Management Anti-Fraud Programs and can be accessed at: http://www.aicpa.org/antifraud/management.htm .
-- Electronic Accountant Newswire staff
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