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Deterring Financial Fraud: What Else Can Be Done?

Thursday, July 16, 2015

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These days, most people understand the importance of the “tone at the top” and realize that a company’s financial reporting environment and culture can act as a strong deterrent to fraudulent financial reporting. But beyond the right “tone,” what else can be done? What additional steps can be taken to deter fraud or, if fraud should get a foothold, to stop it in its tracks?

Identifying these additional steps is a tough challenge, but an analysis of recent SEC enforcement proceedings yields clues about fraud deterrence and detection that go right to the mechanics of a company’s internal control over financial reporting. 

On July 16, 2015, the Anti-Fraud Collaboration hosted a panel of experts to discuss these matters. Their discussion—which included provided concrete, action-oriented steps that governance professionals can take—addressed that sometimes challenging question: “So what do we do differently tomorrow to combat fraud?”