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

Revenue recognition: A complex effort

Implementing the new standard requires careful judgment. Learn how to make significant accounting judgments and document them and collaborate with peers for consistent application.

TECHNOLOGY Q&A

How to create maps in Excel 2016

Microsoft Excel 2016 has two new mapping capabilities. J. Carlton Collins, CPA, demonstrates how to make masterful 2D and 3D maps in Excel 2016.

QUIZ

News quiz: Economy and health care changes top CPAs’ list

CPA decision-makers’ economic outlook and the House Republicans’ proposed tax changes as part of replacing the Patient Protection and Affordable Care Act received attention recently. See how much you know with this short quiz.