Speaker: David Cotton, CPA, CFE, CGFM, Cotton & Company LLP
COSO revised its Internal Control Framework (ICF) in 2013, adding 17 important principles. COSO Principle 8 is: The organization considers the potential for fraud in assessing risks to the achievement of objectives. GAO revised the Green Book (Standards for Internal Control in the Federal Government) in 2014 to also add 17 principles. Green Book Principle 8 is: Management should consider the potential for fraud when identifying, analyzing, and responding to risks. ALL publicly-traded US companies follow the COSO ICF and ALL Federal (and many state and local) government agencies follow the Green Book. This session will explain a new COSO- and ACFE-sponsored Fraud Risk Management Guide that can be used to comply with both Principles 8 to:
· Establish a fraud risk governance program and policy
· Perform a comprehensive fraud risk assessment
· Design and implement fraud prevention and detection controls
· Investigate and take corrective action when fraud is suspected
· Monitor and constantly improve the fraud risk management program
Every organization that uses the COSO ICF will benefit from this detailed presentation of this important new guidance.