Fraud Risk in Difficult Economic Times

A new publication by the Canadian Institute of Chartered Accountants (CICA) is designed to help boards of directors protect their companies from the increased risk of fraud in today’s unsettled economic environment. The Director Alert, titled Fraud Risk in Difficult Economic Times, provides guidance to directors on how to satisfy themselves that management has implemented reasonable and prudent measures to manage the risk of both internal and external fraud. External fraud includes losses from frauds by suppliers, customers and others outside the company. Internal frauds are committed by those within an organization, whether management or employees, and may include asset misappropriation, corruption or financial statement fraud. (Read the CICA Media Release and review the Director Alert, titled Fraud Risk in Difficult Economic Times.)