Assisting in the Development of Internal Controls

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This section contains checklists and predictors for developing internal controls.

Considering Internal Controls

FVS Section Member

Strong internal control is probably the most important deterrent to fraud. An investigator examines the internal controls in place to check for weaknesses in the system and then looks for these symptoms that may suggest that fraud is occurring or has occurred. Learn More>>

Common Auditing Deficiencies

FVS Section Member

Studies of fraud-related SEC enforcement actions against auditors have identified the most common audit deficiencies. This section provides an overview of the AICPA Auditing Standards (ASB) Study on common auditing deficiencies. Learn More>>

Risk Management Checklist

This checklist is a general guide for CPAs designed to help assess and manage the risk of fraud. It has been updated to encompass the guidance contained in Statement on Auditing Standards No. 99, Consideration of Fraud in a Financial Statement Audit.

Qualitative Predictors (Factors That Lead to Fraud)

This article covers internal work environment and corporate governance, characteristics of a good audit committee, and COSO recommendations for establishing internal controls.

Internal Controls and "Fraudproofing"

Developing an understanding of the various factors that contribute to the risk of fraud is only the first step in a fraud prevention strategy. Following this, it is necessary to implement policies that will help to reduce the threat. Learn More>>