Now's The Time To Update Your Anti-Fraud Plan

By Bert F. Lacativo, CFE, CPA, and Lance Youts, CFE, CPA

2009-MarchApril-Update Anti-fraud Plan 
U.S. Laws and regulations, accounting and auditing associations, and circumstances encourage us to update our anti-fraud plans. But now we have adequate guidance to ensure compliance and deter fraud.  


Public and private entities alike are subject to fraud risks as show by the seemingly never-ending stream of headlines describing financial statement frauds, asset misappropriations, and Foreign Corrupt Practices Act (FCPA) violations. Those of us with management, internal audit, and/or board-level responsibilities - whether we're CPAs or not - inevitably will be asked to assess and monitor our organizations' fraud risks and develop anti-fraud programs.

There's no need for confusion; there's plenty of guidance available. In this article, we'll apply the fundamentals of anti-fraud program assessments so we'll be better equipped to mitigate the business risk of fraud and hopefully disgorge would-be fraudsters.

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