ACPEN Signature: 2017 Business Fraud Update
Monday, December 18, 2017
The focus on fraud has been evolving over the years. The Report of the National Commission on Fraudulent Financial Reporting (The Treadway Commission Report) was published in October 1987. It contained 49 recommendations focused on preventing fraud in financial statements. The word “fraud” appears 554 times in the 183-page report. The Committee of Sponsoring Organizations (COSO) then shifted its focus from fraud to accuracy in accounting and reporting. When COSO issued the Internal Control—Integrated Framework in 1992, it contained the word “fraud” just 21 times in the 159-page document. That original COSO framework eventually became the globally-recognized set of best practices for internal control.
In 2004, COSO published the original Enterprise Risk Management Framework containing the word “fraud” just 12 times in 136 pages. COSO updated the Internal Control—Integrated Framework in 2013, added a specific fraud risk assessment principle, and included the word “fraud” 81 times in its 260 pages. The 2016 exposure draft of the updated Enterprise Risk Management Framework only mentions “fraud” 4 times in its 132 pages.
But, in September 2016, COSO and the Association of Certified Fraud Examiners (ACFE) issued the Fraud Risk Management Guide, designed to provide more detailed guidance on dealing with fraud. “Fraud” appears 2,862 times in the 148-page Guide. Clearly, the focus on fraud deterrence, prevention, and detection has now taken center stage for accountability professionals. Internal controls are no longer enough to protect stakeholder assets. We now need to focus very specifically on fraud risk management.
This year’s ACPEN Business Fraud Update is a fast moving seminar that will provide a comprehensive look at fraud from the technical, legal, ethical, and operational perspectives and update participants on the most recent legal and regulatory developments in this important area of professional responsibility.
Participants will learn and master new skills for meeting their professional, legal and ethical responsibilities to make reasonable efforts to deter, prevent, and detect fraud. In addition, learn what to do (and not do) when fraud actually happens.
Our panel of legal experts (prosecutors and white-collar defense lawyers) will join our panel of CPAs and weigh in on the most recent trends in fraud from their special points of view.
*Discuss and consider various types of fraud, including the latest statistics on fraud
*Learn best practices to deter, prevent and detect fraud
*Learn how to react decisively when fraud is suspected