Three professional accounting organizations have jointly released new guidelines for combating fraud.

The Association of Certified Fraud Examiners, the American Institute of CPAs and the Institute of Internal Auditors have published “Managing the Business Risk of Fraud: A Practical Guide.”

The guidebook outlines principles for establishing an effective fraud risk management program. The guidance addresses governance, risk assessment, fraud prevention and detection, investigation and corrective action. Following the guidance will help ensure that there is suitable oversight of fraud risk management, that fraud exposures are identified and evaluated, that appropriate processes and procedures are in place to manage those exposures, and that fraud allegations are addressed in a timely manner.

“Many organizations need to do more to deter fraud,” said AICPA CEO Barry Melancon in a statement. “Preventing fraud requires a dedicated commitment from management. This guide provides best practices, tools and examples that organizations can use to help manage their fraud risks.”

“Managing the Business Risk of Fraud: A Practical Guide” can be downloaded for free from the sponsoring organizations’ Web sites at www.acfe.org, www.aicpa.org, and www.theiia.org.

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