|Press Release||November 14, 2011|
Financial Reporting Collaboration Ramps Up Anti-Fraud Effort with Release of FEI’s New Fraud Literacy Quiz
~~Online Quiz is First in a Series of Tools and Programs to Deter and Detect Financial Reporting Fraud ~~
New York, NY, November 14, 2011 – Organizations representing key participants in the financial reporting supply chain today reaffirmed their commitment to a collaborative effort to deter and detect financial reporting fraud by announcing the introduction of a new Fraud Literacy Quiz.
Financial Executives International (FEI) unveiled the Fraud Literacy Quiz during a briefing attended by representatives of all four collaborative partners – FEI along with the Center for Audit Quality (CAQ), The Institute for Internal Auditors (The IIA) and the National Association of Corporate Directors (NACD).
“Our four organizations are very excited about this latest step on the path toward enhanced deterrence and detection of financial reporting fraud,” CAQ Executive Director Cindy Fornelli explained. “We are engaged in a number of projects at the moment, and you will see us make significant contributions to anti-fraud tools, training and awareness programs in the months and years to come.”
The Fraud Literacy Quiz has been launched on FEI’s website at www.financialexecutives.org.
The quiz, which is open to the public, comprises a series of questions designed to assess an individual’s knowledge on topics related to deterring and detecting financial reporting fraud. In addition, a feature article in the November issue of Financial Executive magazine, titled “Financial Reporting Fraud: Prevention Starts at the Top,” is available online at http://www.financialexecutives.org/fly/Fraud_Literacy_Mag. FEI is offering free CPE credit to members and nonmembers who read the article and successfully answer questions about its content. Links to the quiz also will appear on collaborative partners’ web sites.
“Risk management and ethical issues continue to be ongoing concerns for executives in the financial community, and impact companies’ boards and C-suites as a whole,” said Marie Hollein, president and CEO of FEI. “We are excited to continue our collaboration with the CAQ, The IIA, and the NACD to highlight this important issue.”
The online quiz, building on a platform announced last year, is the first in a series of tools and programs for professionals involved in financial reporting. The partnership kicked-off with a report, Deterring and Detecting Financial Reporting Fraud – A Platform for Action, issued by the CAQ in October 2010, which concluded that increased collaboration and communication among professionals involved in creating, reviewing and approving financial statements can greatly advance efforts to lessen financial reporting fraud risk.
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About the collaboration: The Center for Audit Quality, Financial Executives International, The Institute of Internal Auditors and the National Association of Corporate Directors, representing key members of the financial reporting supply chain, have formed a partnership to collaborate on projects to advance efforts to deter and detect financial reporting fraud.
Financial Executives International
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Center for Audit Quality
Scott C. McCallum
The Institute of Internal Auditors
National Association of Corporate Directors