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 Statement

The Center for Audit Quality (CAQ), Financial Executives International (FEI), The Institute of Internal Auditors (IIA), and the National Association of Corporate Directors (NACD), representing members of the financial reporting supply chain, have formed a collaboration dedicated to advancing the discussion of critical anti-fraud efforts through initiatives focused on the following mission:

Enhance the effectiveness of financial fraud risk management by promoting anti-fraud policies, procedures, controls, and practices, including those enhanced or enabled by technology.

Underlying Principles

The goal of the Anti-Fraud Collaboration is to develop resources that will provide insights and recommendations that the respective members of the collaborating organizations can use to more efficiently and effectively perform those functions that focus on fraud deterrence and detection and fraud risk management. The resources developed will be designed to maximize utilization and impact. Examples of resources include promotion and organization of forums for constructive discussion on relevant issues; development of webcasts and panels at conferences; creation of educational materials and case studies; and publication of reports and articles on relevant topics. These resources will be designed to serve as a catalyst for continuous improvement and change in execution of the supply chain members’ fraud deterrence, detection, and risk assessment activities.

Areas of Focus for Collaborative Projects

Collaborative projects will focus on the following broad areas:

  1. Advancing the understanding of causes and conditions that contribute to fraud.
  2. Developing resources to assist in the assessment, mitigation, and management of fraud risk.
  3. Promoting additional efforts to increase skepticism across the respective members of the Collaboration organizations.
  4. Exploring the role of emerging technology in facilitating the deterrence and detection of fraudulent financial reporting.
  5. Keeping current on regulatory matters and enforcement updates relevant to fraud.
  6. Enhancing awareness of business challenges and vulnerabilities that may lead to financial and non-financial misconduct.

The Collaboration’s areas of focus will evolve over time, reflecting changes in the business and reporting environment as well as priorities of the Collaboration organizations and its members.

Regulatory Engagement

The Anti-Fraud Collaboration will seek to continually expand its engagement with key stakeholders, including regulators such as the Securities and Exchange Commission and Public Company Accounting Oversight Board.

Steering Committee