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The Board of Directors and Audit Committee Guide to Fiduciary Responsibilities by Ronald Kral, Sheila Moran

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CHAPTER NINE

Spearhead Fraud-Deterrence Initiatives

FRAUD, WITH LOSSES estimated at 5 percent of Gross World Product,1 is a scourge on economic development that cannot be ignored. The Association of Certified Fraud Examiners (ACFE) has amassed enormous amounts of data about the effectiveness of various fraud-deterrence tools and has found that many of the least expensive ones, such as hotlines and employee training, are the most effective.

There’s nothing new about occupational fraud. Modern technology may have changed how people steal, but the motives and the classifications of fraud schemes remain unchanged. What also has changed is the level of accountability for fraud deterrence expected of board directors and, specifically, audit committee ...

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