Report Examines Expectation Gaps Within Financial Reporting Chain
A report released from the Anti-Fraud Collaboration reveals that board members, financial executives, internal auditors, and external auditors are not completely on the same page when it comes to owning responsibility for deterring and detecting financial statement fraud. The Anti-Fraud Collaboration report, “Closing the Expectation Gap in Deterring and Detecting Financial Statement Fraud: A Roundtable Summary,” includes results of a recent survey, which provided the basis for in-depth roundtable discussions that are summarized in the resulting report. The report concludes that each group in the financial reporting chain has an important role to play, and enhanced communication among all parties is needed to provide clarity on the respective roles in rooting out fraud. Download the report.
The Anti-Fraud Collaboration was formed in October 2010 by the Center for Audit Quality, Financial Executives International, the NACD, and The IIA. The four organizations represent members of the financial reporting supply chain. The goal of the Anti-Fraud Collaboration is to promote the deterrence and detection of financial reporting fraud through the development of thought leadership, awareness programs, educational opportunities, and other related resources specifically targeted to the unique roles and responsibilities of the participants in the financial reporting supply chain. Read the full press release.