Managing Fraud Risk: A Practical Guide for Directors and Managers

Chapter 2

1. Association of Certified Fraud Examiners (www.acfe.com). The ACFE describes itself as the world's leading anti-fraud organisation and premier provider of anti-fraud training and education. Its website is a source of much authoritative insight and research into occupational fraud. In particular, the semi-annual reports titled Report to the Nation on Occupational Fraud and Abuse (“RTTN”) are a particularly valuable source of information as they contain detailed analysis of thousands of fraud cases reported by their members. The first report was produced in 1996 and then a second in 2002, since when they have been updated every two years. The latest report came out in 2010 when, for the first time, it is presented as a global study of fraud trends because it includes cases from around the world in its analysis, rather than only cases originating in the US. As a result, this report is titled Report to the Nations on Occupational Fraud and Abuse (“RTTNs”).

2. International Auditing and Assurance Standards Board of the International Federation of Accountants: “International Standards on Auditing No. 240: The Auditor's Responsibility to Consider Fraud in an Audit of Financial Statements” (2003).

3. Auditing Standards Board of the American Institute of Certified Public Accountants: “Statement on Auditing Standards No.99: Consideration of Fraud in a Financial Statement Audit” (2002).

4. Wachtell, Lipton, Rosen and Katz, Promontory Financial Group: “Report to the Boards of Directors ...