The Anti-Fraud Collaboration was formed in October 2010 by the Center for Audit Quality (CAQ), Financial Executives International (FEI), The Institute of Internal Auditors (The IIA) and the National Association of Corporate Directors (NACD). The four organizations represent members of the financial reporting supply chain: external auditors (through CAQ), company financial management (through FEI), internal auditors (through The IIA) and audit committees (through NACD).

MISSION

The goal of the Anti-Fraud Collaboration is to promote the deterrence and detection of financial reporting fraud through the development of thought leadership, awareness programs, educational opportunities, and other related resources specifically targeted to the unique roles and responsibilities of the primary participants in the financial reporting supply chain. The Collaboration defines financial statement fraud, in its most general sense, as a material misrepresentation resulting from an intentional failure to report financial information in accordance with generally accepted accounting principles.

AREAS OF FOCUS

Advancing the understanding of conditions that contribute to fraud

Promoting additional efforts to increase skepticism

Moderating the risks of focusing only on short-term results

Exploring the role of information technology in facilitating the deterrence and detection of fraudulent financial reporting

PROJECTS AND ACTIVITIES OF THE COLLABORATION ARE DESIGNED TO:

Improve financial reporting integrity

Enhance awareness and understanding of factors that contribute to financial reporting fraud

Strengthen the abilities of all applicable parties’ efforts to deter and/or detect financial reporting fraud

Educate constituents as to the scope and criticality of their role in deterring and/or detecting financial reporting fraud

Steering Committee