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

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 the AICPA, 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 sponsored the guidance. Other organizations that participated in reviewing and offering advice include the American Accounting Association, Defense Industry Initiative and the National Association of Corporate Directors.

Management Antifraud Programs and Controls can be accessed at
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Publication:CPA Letter
Article Type:Brief Article
Geographic Code:1USA
Date:Jan 1, 2003
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