March 2014
Beginner
316 pages
7h 48m
English
Content preview from Fraud Prevention and Detection
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14
The Board of Directors
and Its Responsibility to
Safeguard the Organization
INTRODUCTION
This chapter outlines the responsibilities of boards of directors to safe-
guard their organizations from fraud—responsibilities that are essential
to the effective functioning of the Red Flag System. In particular, this
chapter will outline the individual responsibilities of members of the
board with respect to private corporations and public companies as well
as nonprot corporations and government agencies.
GOVERNANCE STRUCTURES
The role of boards of directors can be traced to the “agency theory” put
forward by the Scottish economist Adam Smith:
Smith had already gured out that markets work best when everyone
can pursue his own self- interest, so he ...
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