The Anti-Fraud Collaboration (AFC) is pleased to share with you the latest resources and events. Here is a sneak peek of what we cover in this newsletter:
Featured Insights
- FEATURED EVENT: Webcast on the Impact of Fraud at U.S. Public Companies (October 30th)
- FEATURED INSIGHT International Fraud Awareness Week (November 16th – 22nd)
- FEATURED RESOURCE: The Role of the Auditor: Exercising and Maintaining Professional Skepticism
New AFC Resources
- An Executive Workshop Hosted by the AFC: Exploring the Impact of Fraud at U.S. Public Companies
- The Impact of Fraud on U.S. Public Companies: 2025 Benchmarking Report
- A Comprehensive Analysis of PCAOB and SEC Enforcement Actions: Key Themes and Lessons Learned
Other AFC Partner Resources
- Institutional Investor Survey: Fraud Research Findings (CAQ)
- Separating Objects from Value: A High-Tech Approach to Fraud Prevention (ACFE)
- Tone at the Top: Workplace Evolution, Cultural Impact (IIA)
- Making Trouble for Corruption (ACFE)
- Beating Fraudsters at Their Own Game (ACFE)
Continue reading for more insights.
Featured Insights
[October 30th] Free Webcast on the Impact of Fraud at U.S. Public Companies
Join the Anti-Fraud Collaboration (AFC) in our webcast on Thursday, October 30th at 1:00 PM – 2:00 PM EST to explore the pervasiveness and impact of fraud at U.S. public companies and gain insights into recent survey findings that shed light into the current fraud risk environment and leading practices for fraud deterrence and detection. Our panel of multi-stakeholder experts includes Andi McNeal, Chief Training Officer at ACFE, Chris Ekimoff, Principal of Forensic & Valuation Services at WithumSmith+Brown, PC, Theo Bunting Jr., Audit Committee Chair and Independent Director, and Lucy Wang, Director of Anti-Fraud Initiatives at CAQ.
The discussion will center on the findings from the ACFE-AFC’s The Impact of Fraud at U.S. Public Companies: 2025 Benchmarking Report and CAQ’s 2025 Institutional Investor Survey, insights into the current level of fraud and fraud losses experienced by U.S. public companies, factors that contribute to and can mitigate emerging fraud risks, identifying and assessing the likelihood and significance/magnitude of those factors, and areas of focus for strengthening the effectiveness of fraud deterrence and detection.
This virtual event is free and eligible for 1 CPE credit. Learn more and register here.
International Fraud Awareness Week
Join the Association of Certified Fraud Examiners (ACFE) and organizations around the world in raising awareness about the impact of fraud from November 16th through the 22nd. As Fraud Week celebrates 25 years, you can spread the importance of education by sharing resources, hosting events and signing up for free as a Supporting Organization. Whether it’s educating your staff and colleagues or supporting your local community, join the global movement to educate everyone about fraud prevention and detection.
The Anti-Fraud Collaboration is set to host its second “Fraud Forum” to discuss the changes in the fraud risk landscape, the roles, responsibilities, and current practices related to fraud deterrence and detection, and how the financial reporting ecosystem could be strengthened for the future. This forum will convene diverse views from multiple stakeholder groups, including external auditors, internal auditors, preparers and financial management, boards and audit committees, anti-fraud professionals, and investors.
See how you can support the initiative and subscribe to the AFC to receive updates on our events.
The Role of the Auditor: Exercising and Maintaining Professional Skepticism
In periods of uncertainty and change, the consistent application of professional skepticism remains a cornerstone of audit quality. While auditing standards mandate the exercise of professional skepticism, its application is inherently judgment-based and situational.
This publication explores the importance of cultivating a questioning mindset and attitude, and using guides and scenarios to exercise professional skepticism effectively and understand the behavioral and environmental factors that can either support or hinder its effective use.
Download the report here.
New AFC Resources
A Comprehensive Analysis of PCAOB and SEC Enforcement Actions: Key Themes and Lessons Learned
A spotlight on enforcement: In partnership with King & Spalding and Ankura Consulting Group, the Anti-Fraud Collaboration conducted an analysis of 403 enforcement actions released by the PCAOB and SEC from January 1, 2021, through December 31, 2024, to provide observations into key themes.
Why it matters: Understanding enforcement trends is critical for all members of the financial reporting ecosystem navigating today’s dynamic regulatory environment. The report sheds light on what future enforcement priorities might look like and provides insights into how stakeholders can strengthen their compliance and anti-fraud programs and practices in an environment of uncertain and challenging market conditions and regulatory and political developments.
Key takeaways: The analysis identified enforcement trends and regulatory insights pertinent to the financial reporting ecosystem. Based on the analysis, the most prevalent enforcement trends and regulatory insights include:
- A focus on high-risk accounting areas (i.e., revenue recognition)
- Inconsistent accounting practices related to M&A activity
- Integrity matters at audit firms
- The use of sweeps to bring compliance-oriented enforcement actions
Download the report from the AFC here.
An Executive Workshop Hosted by the AFC: Exploring the Impact of Fraud at U.S. Public Companies
The AFC hosted an in-person Executive Workshop at the 36th Annual ACFE Global Fraud Conference to discuss the findings from The Impact of Fraud on U.S. Public Companies and CAQ Institutional Investor surveys. The workshop brought together stakeholders across the financial reporting ecosystem including auditors, preparers, board members, compliance professionals, forensic experts, and regulators to assess the current fraud risk landscape, examine known and estimated fraud losses, and share insights for enhancing fraud deterrence and detection
Read the takeaways from the AFC Executive Workshop here.
The Impact of Fraud on U.S. Public Companies: 2025 Benchmarking Report
The Association of Certified Fraud Examiners (ACFE) and the Anti-Fraud Collaboration have partnered to assess the impact of all forms of fraud on publicly traded companies in the United States through a 29-question survey to ACFE members and members of the AFC’s partners. By providing insight into these organizations’ fraud losses in recent years, factors that contribute to current levels of fraud, and how organizations prioritize and manage various types of fraud risks, the results from the survey offer the financial reporting ecosystem and the general public valuable information to use in understanding the risk that fraud poses to U.S. public companies.
Download the survey findings from the ACFE.
Other AFC Partner Resources
Institutional Investor Survey: Fraud Research Findings
As part of the CAQ’s efforts to engage a broader array of stakeholders of company prepared information and serve as a prominent voice for the audit profession, KRC Research conducted a survey among institutional investors in the U.S. Specifically, this research focused on topics related to the frequency and nature of fraud occurring at publicly traded companies.
Explore the survey’s findings here.
Separating Objects from Value: A High-Tech Approach to Fraud Prevention
Fraud examiners recognize the complex nature of financial statement fraud and the intricate schemes that perpetrators conduct. In this Fraud Magazine column, the authors detail how the 3P framework can help fraud examiners detect and prevent financial statement fraud.
Learn more about the 3P framework and other insights from ACFE’s Fraud Magazine article here.
Tone at the Top: Workplace Evolution, Cultural Impact
The August 2025 issue of Tone at the Top explores how evolving work environments—especially remote and hybrid models—are reshaping corporate culture and influencing employee behavior. It highlights the risks of weakened culture, including increased vulnerability to fraud and disengagement, and emphasizes the need for boards to actively monitor cultural health using tangible data. The piece also outlines how internal audits can support boards by assessing cultural impacts on governance, ethics, and risk management.
Read August’s issue here.
Making Trouble for Corruption
Dr. Ngozi Okonjo-Iweala earned the moniker “Okonjo the troublemaker” for her fierceness in fighting corruption as finance minister of Nigeria. The economist and director-general of the World Trade Organization (WTO) spoke to Fraud Magazine about battling corruption in the most populous country in Africa and the unique path she has traveled in her career.
Learn more here.
Beating Fraudsters at Their Own Game
Members of the Association of Certified Fraud Examiners (ACFE) Board of Regents share insights into the current state of the anti-fraud field, the schemes they worry about the most and the skills that fraud examiners need to defeat fraudsters. With AI technology accelerating, and the growing complexity of fraud schemes, these experts say that fraud examiners must recalibrate and upgrade their fraud-fighting skills, especially in data analysis.
Read the full issue now.