Antifraud Oversight Function of the Audit Committee
Executive Summary
Financial reporting fraud (FRF) has been a contributing factor to the recent financial crisis and resulting global economic meltdown, and threatens the efficiency, liquidity, and safety of both debt and capital markets. These threats have significantly increased uncertainty and volatility in financial markets, which has adversely affected investor confidence worldwide. Furthermore, FRF prevents investors from receiving meaningful financial information to make savvy investment decisions. Thus, effective corporate governance in promoting antifraud policies and practices is necessary to prevent this phenomenon. This chapter examines the effectiveness of the established ...
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