News Highlights for August 2011


The Center for Audit Quality is partnering with Financial Executives International, The Institute of Internal Auditors and the National Association of Corporate Directors to develop fraud-fighting training and tools, including a series of fraud hypotheticals to be used as teaching tools.

 

“We will provide a set of facts and circumstances that can be used by each group in the supply chain to help identify areas where they may have missed opportunities to deter or detect a financial statement fraud,” Cindy Fornelli, Center for Audit Quality (CAQ) executive director, said in a May speech to the AICPA Governing Council in Washington. The CAQ is affiliated with the AICPA.

 

The fraud scenarios will be customized for five sectors—financial services, manufacturing, retail, telecommunications and technology—and will cover different types of frauds. The partners hope to have the tools ready by fall and to offer webcasts and possibly training based on the content.

 

Meanwhile the organizations are developing training to help auditors “ask tough, penetrating questions without communicating a lack of trust or the expectation that the person you’re dealing with is dishonest,” Fornelli said. The partnership is also working to bring together multidisciplinary groups to discuss fraud-related issues.

 

More from the JofA:

 

 Find us on Facebook  |   Follow us on Twitter  |   View JofA videos

SPONSORED REPORT

CPEOs provide peace of mind around payroll services

The creation of these new IRS-certified service providers for small businesses clarifies some issues around traditional professional employer organizations.

QUIZ

8 sentences to help you master subject-verb agreement

When professionals prepare written material for readers inside their organization or outside, they should make sure that no errors distract from the message they need to convey. Take this short quiz for practice in subject-verb agreement.