The Anti-Fraud Collaboration (AFC) is pleased to share our inaugural issue of a new quarterly newsletter that will provide updates on the various resources and programs developed by the Collaboration members.
New Anti-Fraud in Action Webisode: A Focus on Ethical Culture and Diversity During Crisis
The first webisode in our Anti-Fraud in Action series features a discussion between Stephen Rivera, Johnson & Johnson VP of Global Technical Accounting Advisory Services & Policy, and Margot Cella, CAQ VP of Research and Anti-Fraud Initiatives, on the issues facing public companies during the COVID-19 pandemic. Rivera shares insights on leveraging a strong, ethical culture and the importance of diversity and inclusion during a critical time in crisis.
Watch the Interview with Deloitte’s Forensic Partner on Mitigating Fraud Risk in Times of Uncertainty:
On April 24, the CAQ presented at Ethic and Compliance Initiative’s (ECI) IMPACT 2020 virtual conference, featuring Deloitte Forensic Advisory Partner, Holly Tucker, and CAQ VP of Research and Anti-Fraud Initiatives, Margot Cella. The session highlighted the heightened fraud risk during the COVID-19 crisis with a focus on implications of the CAREs Act and types of potential frauds. Tucker also emphasized that companies should expect a lag time of three months to a year for detecting a fraud from when it might occur. Watch clips from the interview here.
For more on this topic, read the CAQ resource Managing Fraud Risk, Culture, and Skepticism During COVID-19
More COVID-19 Resource Exchanges:
Stay current on the how the COVID-19 crisis is impacting the financial reporting supply chain. The AFC members are developing new COVID-19 resources to keep you informed.
- CAQ: COVID-19 Resource Collection and COVID-19 Anti-Fraud Resources
- FEI: COVID-19 Dashboard and COVID-19 Disclosure Card
- IIA: COVID-19 Resource Exchange and COVID-19 Newswire
- NACD: COVID-19 Resource Center: Reopening and Recovery
Culture Whitepaper & Webcast
“Building on the Anti-Fraud Collaboration’s decade-long efforts to raise awareness of the influence of corporate culture on conduct, this white paper emphasizes the efficacy of regular assessment in deterring and detecting those elements of culture that can serve as a breeding ground for misconduct,” said CAQ Executive Director, Julie Bell Lindsay.
In Assessing Corporate Culture: A Proactive Approach to Deter Misconduct, the AFC shares insights into the importance of assessing culture as well as considerations for the ownership of the culture assessment process.
This topic is further explored in a complementary AFC webcast, A New Focus on Corporate Culture: How to Assess Culture and Why, which highlights leading practices that bring together qualitative and quantitative data that exist within an organization, coupled with key information that companies should collect and monitor to contribute to a robust culture assessment.
Want the short version? Don’t miss the AFC’s corporate culture video series that spotlights: What is Culture?, Who Owns it?, How to Approach it, Analyzing the Results, and Evolving it.
Emerging Technology Series
In 2020, the AFC launched a content series that explores the effectiveness of fraud deterrence and detection enhanced by emerging technology. The series also provides insights into how digital transformation is impacting the financial reporting process and its supply chain members—i.e., internal and external auditors, board and audit committee members, preparers, and financial executives.
- Fraud and Emerging Tech: Data Ethics & Governance (May 2020)
- Fraud and Emerging Tech: Blockchain (Feb 2020)
- Fraud and Emerging Tech: Robotic Process Automation (Jan 2020)
Featured News Clips
- Bloomberg Tax: Auditors Adjust to Not Being There in Era of Six Feet Apart (Jun 2020)
- Compliance Week: CAQ: Virtual Work, ICFR among Coronavirus Audit Issues (May 2020)
- Compliance Week: CAQ Exec: How Audit Must Adapt amid Coronavirus Challenges (Apr 2020)
- Financial Times: Germany to Overhaul Accounting Regulation after Wirecard Collapse (Jun 2020)
- Financial Times: ESG Investing Cries Out for Trained Finance Professionals (Jun 2020)
- Reuters: Challenges in Pandemic: Assessing Corporate Solvency (May 2020)
- Reuters: Remote Auditing During Pandemic: Zoom and Drones (Apr 2020)
- SEC: Statement on the Continued Importance of High-Quality Financial Reporting for Investors in Light of COVID-19 (Jun 2020)
What We’re Working On
Stay tuned for our next quarterly update! Below is a sneak peak of key topics and developing resources from the AFC.
- Interview with the SEC Coronavirus Steering Committee Members
- Interview with a Data Ethics and Governance Expert
- New Publication on Skepticism
- Fraud and Emerging Tech: Cybersecurity
- Fraud and Emerging Tech: Artificial Intelligence
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