Institute releases antifraud guidance.

The AICPA augmented its fraud-prevention program with a publication designed to help audit committees understand one of today's greatest fraud risks. Written by the AICPA Antifraud Programs and Controls Task Force, Management Override of Internal Controls: The Achilles' Heel of Fraud Prevention--The Audit Committee and Oversight of Financial Reporting is available free of charge on the Institute's Audit Committee Effectiveness Center Web site (www.aicpa.org/audcommctr). The guidance discusses six key actions that should be considered by audit committees: maintaining an appropriate level of skepticism in all their functions; strengthening their understanding of the entity's business; brainstorming to identify fraud risks; using the entity's code of conduct to assess its financial culture and identify any information that may indicate the risk of fraud; cultivating a vigorous and confidential whistleblower program; and developing a broad information and feedback network to facilitate communication with internal and external auditors, key employees and the compensation committee.

Related AICPA guidance, Anonymous Submission of Suspected Wrongdoing (Whistleblowers)--Issues for Audit Committees to Consider, also is available at the center's Web site, along with the Audit Committee Toolkit, which provides best practices for committee members, and the Audit Committee Matching System, which links knowledgeable and experienced CPAs with organizations seeking audit committee candidates.