fraud risk management Flashcards
M.G.O.R.A
monitoring governance operations risk awarness
sarbanes oxley 2002 USA
legislation heavy report on governance
implemented after enron scandal
the uk corporate governance code 2018
B.D.C.A.R
(Was 2016)
board leadership division of responsibilitys composition, success and evaluation Audit risk and internal control Remuneration
Good C.G - board leadership
act with integrity
splitting roles of chair and exec
good C.G- division of responsibilitys
half board non-exec directors (NEDS)
Goods C.G -composition, success and evalution
majority voting
Good C.G - Audit risk & internal Control
audit committee at least 3 non exec directors (NEDS)
1 member recent & relevant financial experience
responsible for I.C & I/E audit
Types of control
preventative
detective
directive
corrective
Control Activitys P.A.I.R.S
Physical controls Authorisation Information processing Review of performance Segregation of dutys
operational aspects of Fraud.R.M -leadership
fraud policy
fraud response plan
culture and ethics
operational aspects of Fraud.R.M- whistleblower
hotline/tips
remain confidential
extend futher
operational aspects of Fraud.R.M first line of defence
employee screening
Managing risk
establish controls, assess vulnerability’s and evaluate
managing risk methods
employee awareness
fraud awareness training
risk management
awareness training
forensic specialist help areas
fraud risk assessment
risk management
awareness training
