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Tag >> CAQ
Nov 04
2010

Detecting and deterring fraud

Posted by Karen1 in fraudfinancial reportingCAQaudit

Karen1

Over the past few years, a number of high-profile companies, from AIG to Qwest, have been caught issuing financial statements that were, to put it mildly, less than accurate. How can other CFOs ensure that their firms are not part of this group?

A recent study by the Center for Audit Quality (CAQ) sheds some light on the factors that can lead to fraud, as well as the attributes that need to be in place to minimize the risk of fraud. The study, "Deterring and Detecting Financial Reporting Fraud: A Platform for Action," incorporates the input gained from more than 100 participants in five roundtable discussions that occurred in both the US and the UK over the past year. Among the participants were corporate executives, members of boards of directors, internal and external auditors, investors, regulators, academics and others.



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